Amazon's CEO Starts $2 Billion Fund for Schools, Homeless

14 September, 2018, 19:47 | Author: Dave Hampton
  • Jeff Bezos talks with students at the opening of the Apollo Exhibit at The Museum of Flight in Seattle

At a sold-out Economic Club of Washington event, Bezos did not give any hints of whether Arlington has a leg up on other locations.

"We live in a society where it's not just the laws of the land that protect us".

Despite the criticism, Bezos told interviewer David Rubenstein, founder of private equity giant Carlyle Group, that "The media is going to be fine".

Amazon representatives didn't immediately respond to a request for comment. "Most important among those will be genuine, intense customer obsession", he tweeted.

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"Nobody in their garage is going to build an all-carbon fiber fuel-efficient Boeing 787".

Bezos said he selected these two areas after getting thousands of ideas from an appeal he launched on Twitter past year.

"It's unsafe to demonise the media", Mr Bezos said. "But I will say this: I do think it's a mistake for any elected official to attack media and journalists".

Bezos's fortune comes mainly from his stake in Amazon, the diversified online firm which briefly hit $1 trillion in market value this month and is the second most valuable company after Apple.

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By choosing to focus his philanthropy on homelessness and early education, Bezos is likely influenced both by his parents's Bezos Family Foundation and by his adopted hometown of Seattle, however mixed some people there may feel about the city's growing affordability crisis that's been largely attributed to the success of Amazon.

The Bezos Day One Fund will be made up of the Families Fund and the Academics Fund. "The team is working their butts off on it and we will get there".

He said on Thursday that the "Bezos Day One Fund" will contribute to "existing nonprofits that help homeless families" and also fund "a network of new, nonprofit, tier-one preschools in low-income communities". Bezos past year surpassed Microsoft Corp.co-founder Bill Gates to become the wealthiest man in the world, in large part because of his 16% stake in the company. 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.

He said "we have made tremendous progress" in the search but offered no clues, despite reports that Amazon board members had visited locations in the Washington suburb of Arlington, Virginia.

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