Amazon's Jeff Bezos to start $2B United States charitable fund

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Amazon's Jeff Bezos to start $2B United States charitable fund

Insanely rich human being Jeff Bezos announced today his intention to do something he rarely ever does: philanthropy.

The announcement, made through a statement from Bezos, comes after the executive reached out past year to ask for suggestions on approaches to philanthropy.

Amazon CEO Jeff Bezos seems to be Seattle City Councilmember Kshama Sawant's arch-nemesis, so it only makes sense that she would have something to say about the entrepreneur's $2 billion charitable fund toward homelessness and education.

The fund will issue annual leadership awards to organizations and civic groups doing work to "move the needle" in providing hunger and shelter support to young families.

The second will operate a network of high-quality, full-scholarship Montessori-inspired preschools.

"We will build an organisation to directly operate these schools".

He said: "We'll use the same set of principles that have driven Amazon".

Earlier this month Amazon, which Mr Bezos founded in 1994, became only the second stock market company to be valued at $1tn.

His private ownership of The Washington Post, which has published articles critical of the White House, has also put him at odds with US President Donald Trump. In January, Bezos also personally gave $33 million USA in college scholarships for young immigrants living in the USA illegally.

He has also made donations for cancer research and to Princeton University, his alma mater. 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.

Launched in 1994 as an online bookseller, Amazon has become a retail powerhouse operating globally, and has expanded into streaming video, music, cloud computing and other segments, and past year acquired the Whole Foods grocery chain.

Helping the homeless has also been a focus for Amazon. Naturally, it was easy for Sawant and others to target Amazon, but 500 businesses would have been subject to the tax, which is about 3 percent of the city's companies.

Amazon has faced criticism for paying little in taxes, which stems in part from its historically low profits.

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