What is Jeff Bezos doing with his US$2 billion philanthropic fund?
Founder and CEO of Amazon with a personal worth of about US$150 billion has announced two goals aimed at helping those in need
Jeff Bezos, founder and CEO of Amazon, was named the richest man in modern history when his fortune hit the US$150 billion mark in July. But he had not engaged in much philanthropy – at least publicly – until this week.
Bezos announced two philanthropic goals on Thursday, launching a US$2 billion fund to support homeless families and education programmes in underserved communities.
The Bezos Day One Fund will form a support network for homeless families and build early education programmes that Bezos called “full-scholarship, Montessori-inspired preschools”.
The announcement comes more than a year after Bezos requested input from his Twitter followers for creating a short-term philanthropy strategy.
“I’m thinking I want much of my philanthropic activity to be helping people in the here and now – short term – at the intersection of urgent need and lasting impact,” Bezos wrote.
He cited the example of Mary’s Place in Seattle, which provides shelter and employment training to people who are homeless. Amazon partnered with Mary’s Place in 2016, turning an old hotel into a shelter for more than 200 family members.
I’m thinking I want much of my philanthropic activity to be helping people in the here and now – short term – at the intersection of urgent need and lasting impact
That space was later demolished to make room for two new Amazon office towers, but the company committed to giving Mary’s Place a permanent home. Bezos himself has donated US$1 million to the not-for-profit shelter provider.
In a June 2017 letter published in Forbes, philanthropy adviser Jake Hayman criticised Bezos for focusing on short-term solutions and deciding to seek suggestions on Twitter.