Amazon's Jeff Bezos commits $2 billion to help homeless, pre-schools

“Never have I been more comfortable at an Amazon board meeting!” he wrote on Instagram

“Never have I been more comfortable at an Amazon board meeting!” he wrote on Instagram

Even so, Amazon insisted it was "deeply committed" to tackling homelessness in Seattle and said it would continue to invest in local nonprofits that work with the homeless.

The so-called Day One Fund will be multi-billionaire businessman's most significant foray into philanthropy to date.

The Day 1 Academies Fund will launch and operate a network of high-quality, full-scholarship, Montessori-inspired preschools in underserved communities. The fund's vision statement comes from non-profit Mary's Place in Seattle: no child sleeps outside.

Amazon CEO Jeff Bezos says a decision is coming on the company's second headquarters but offers no hints. "The secret sauce of Amazon - the number one thing that has made us successful has by far is obsessive, compulsive focus on the customer".

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Discussing the preschools he would be funding, Bezos said he would focus on children the way Amazon does its customers.

Bezos, the wealthiest person on the planet, whose stake in Amazon is now worth about $160 billion, says he'll call it the Bezos Day One Fund. His net worth has risen about $65 billion this year alone as Amazon's shares surged.

More than a year ago, Bezos posted to Twitter a request for suggestions on philanthropic initiatives created to make a difference in the short term.

But Bezos did receive kudos today for taking an important step into philanthropy. He has not signed on to the Giving Pledge, and the Bezos Family Foundation is reportedly run by his parents; Bezos does not play an active role.

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"People are interested in trying to help the world in so many different ways", he said.

Despite his concerns with Trump, Bezos said that he was not overly concerned about the future of the news media.

"If you're the president of the United States, you don't take that job thinking you're not going to be scrutinized", Bezos said, adding that he'd had "a couple of conversations" with Donald Trump, though he declined to elaborate.

Research shows 90 per cent of a child's brain development occurs before the age of 5, yet most charitable gifts pegged for education target older children, according to Makdessian. But in the world of ultra-rich tech philanthropists, it's roughly on par with other do-gooding efforts.

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The private non-profit foundation in its 2016 tax filing reported almost $46 million United States in assets, and giving away $30 million USA in grants support its missions in early education, K-12 schools reform and youth leadership development and scholarships. Zuckerberg's shares in the social network are now valued at about US$61 billion.

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