Get All Access for $5/mo

Jeff Bezos Starts a $2 Billion Fund for Schools and the Homeless 'We'll use the same set of principles that have driven Amazon. Most important among those will be genuine, intense customer obsession. The child will be the customer,' the Amazon CEO says.

By Michael Kan Edited by Dan Bova

This story originally appeared on PCMag

Paul Morigi | Getty Images

Amazon's CEO Jeff Bezos is launching a $2 billion fund to help homeless families and build preschools in low-income communities.

Bezos, currently the world's richest person, asked Twitter followers a year ago for ideas about how he should shape his "philanthropy strategy." The new "Bezos Day One Fund" is the result; it'll work to issue "awards" to existing nonprofits that provide shelter and food to homeless young families.

The fund will also launch a network of "full scholarship" preschools based in underserved communities. "We'll use the same set of principles that have driven Amazon. Most important among those will be genuine, intense customer obsession. The child will be the customer," he wrote in his post.

Among the world's top tech CEOs, Bezos is not known for his philanthropy. Hehas 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.

Bezos has instead invested in things like The Washington Post, his space venture Blue Origin and a giant clock in Texas that's designed to run for 10,000 years.

Today's news, meanwhile, comes as Amazon is facing some bad PR over its labor practices.

"The issue about Amazon is not just that the wealthiest person on earth, Jeff Bezos, is paying workers unlivable wages. It's about the 'new economy' and the degradation of the human spirit -- breaking down people, spitting them out and simply replacing them with new bodies," U.S. Sen. Bernie Sanders tweeted last week.

Bezos's net worth has been valued at $164 billion. Amazon also recently became the second company, behind Apple, to reach the trillion-dollar market cap.

Bezos's post didn't directly touch on any labor topics. But he said his goal with the new fund is to help ensure that future generations prosper. "If our own great grandchildren don't have lives better than ours, something has gone very wrong," he said.

Michael Kan


Michael has been a PCMag reporter since October 2017. He previously covered tech news in China from 2010 to 2015, before moving to San Francisco to write about cybersecurity.

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

Editor's Pick


ChatGPT is Becoming More Human-Like. Here's How The Tool is Getting Smarter at Replicating Your Voice, Brand and Personality.

AI can be instrumental in building your brand and boosting awareness, but the right approach is critical. A custom GPT delivers tailored collateral based on your ethos, personality and unique positioning factors.

Growing a Business

He Immigrated to the U.S. and Got a Job at McDonald's — Then His Aversion to Being 'Too Comfortable' Led to a Fast-Growing Company That's Hard to Miss

Voyo Popovic launched his moving and storage company in 2018 — and he's been innovating in the industry ever since.

Business News

Is the AI Industry Consolidating? Hugging Face CEO Says More AI Entrepreneurs Are Looking to Be Acquired

Clément Delangue, the CEO of Hugging Face, a $4.5 billion startup, says he gets at least 10 acquisition requests a week and it's "increased quite a lot."

Business News

You Can Now Apply to Renew Your U.S. Passport Online — But There's a Catch

The U.S. State Department officially launched the beta program this week.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business News

Apple Reportedly Isn't Paying OpenAI to Use ChatGPT in iPhones

The next big iPhone update brings ChatGPT directly to Apple devices.