Get All Access for $5/mo

Amazon, Now Worth 2 Walmarts, Is Donating Half of Its New Building to a Homeless Shelter The shelter will open in 2020.

Eric Broder Van Dyke | Shutterstock

This week marks Amazon's 20th anniversary as a public company, and the ecommerce giant has something to celebrate.

Before the market opened on Monday, Amazon was valued at $459 billion, which meant that is was worth as much as two Walmarts. Before the trading day began, Walmart's market capitalization was $228 billion.

Given its position as one of the world's most valuable brands, the retailer is in a position to give back. Amazon is currently building new office space in downtown Seattle, and it recently announced that one of its permanent neighbors will be a homeless shelter called Mary's Place.

Related: Amazon Lowers Free Shipping Threshold to $25

Last year, Amazon partnered with the nonprofit when it housed 200 people in one of the empty buildings on its existing campus.

Half of the new building will go towards housing the shelter and is on track to open in 2020. It will be 47,000 square feet and contain 65 private rooms for roughly 220 people.

In a statement, Amazon CEO and founder Jeff Bezos said, "Mary's Place does incredible, life-saving work every day for women, children, and families experiencing homelessness in the Seattle community. We are lucky to count them as neighbors and thrilled to offer them a permanent home within our downtown Seattle headquarters."

Nina Zipkin

Entrepreneur Staff

Staff Writer. Covers leadership, media, technology and culture.

Nina Zipkin is a staff writer at Entrepreneur.com. She frequently covers leadership, media, tech, startups, culture and workplace trends.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Science & Technology

5 Automation Strategies Every Small Business Should Follow

It's time we make IT automation work for us: streamline processes, boost efficiency and drive growth with the right tools and strategy.

Business News

Former Steve Jobs Intern Says This Is How He Would Have Approached AI

The former intern is now the CEO of AI and data company DataStax.

Marketing

5 Critical Mistakes to Avoid When Giving a Presentation

Are you tired of enduring dull presentations? Over the years, I have compiled a list of common presentation mistakes and how to avoid them. Here are my top five tips.

Leadership

Visionaries or Vague Promises? Why Companies Fail Without Leaders Who See Beyond the Bottom Line

Visionary leaders turn bold ideas into lasting impact by building resilience, clarity and future-ready teams.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Business Process

How CEOs Can Take Control of Their Emails and Achieve Inbox Zero

Although there are many methodologies that leaders can use to manage their emails effectively, a consistent and thought-through process is the most effective way to systemize and respond to emails and is a step of stewardship for the effective leader.