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World's richest person Jeff Bezos commits $2bn to help homeless, pre-schools

14 September, 2018, 19:46 | Author: Shawna Walton
  • Sources News reports and announcements

Bezos has made headlines lately, promising $2 billion to fight homelessness and substandard preschool education after some bad publicity last week when Sen.

He said the cash will also provide funding to launch and operate "a network of high-quality, full-scholarship" pre-schools in "underserved communities".

Amazon founder and CEO Jeff Bezos said his company "should be scrutinized" by the federal government but urged politicians not to "demonize" or "vilify" big businesses. "Most important of those will be genuine, intense customer obsession".

President Trump has not only repeatedly called out the Post for purveying fake news, but has long accused Amazon of avoiding taxes and incurring major loses to U.S. Postal Service's bottom line. In the summer of 2017, Bezos tweeted a request from the masses for philanthropic ideas "at the intersection of urgent need and lasting impact". He said he was supporting "American democracy through stewardship of the Washington Post" and pointed to the contributions he has given to cancer research, marriage equality and college scholarships for immigrant students.

But Bezos said he did not see Amazon - which briefly hit $1 trillion in market value - as a monopoly, arguing that online sales still represent a small fraction of overall retail. "It's okay. It's part of the process", Bezos said.

Bezos thanked people for sending in suggestions about what he should spend money on.

Zuckerberg, 34, and his wife Priscilla Chan said in 2015 that they planned to give away 99 per cent of their Facebook stock.

"Another way we're raising awareness is through our special #GoGold boxes - you may receive one during September", he added. Zuckerberg's shares in the social network are now valued at about US$61 billion.

Mr Bezos has yet to join "The Giving Pledge" created by fellow billionaires Bill and Melinda Gates and Warren Buffett, whose more than 180 signatories have promised to donate over half of their fortunes to philanthropy.

Michael Bloomberg, the owner of Bloomberg LP, parent of Bloomberg News, also is a signatory. While his and Amazon investors' wealth increases-and the company's market capitalization approaches $1 trillion-what makes the business so efficient is that relies on automation and low-priced labor. Amazon is designating 47,000 square feet of space at its new corporate office for a permanent Mary's Place shelter.

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