Jeff Bezos, Amazon's founder and CEO, has revealed in a tweet his plans to spend $2bn on philanthropic causes. The money is to be divided between two funds, the Day One Families Fund and Day One Academies Fund.
— Jeff Bezos (@JeffBezos) 13 September 2018
This announcement comes off the back of his request last year to his Twitter followers that they suggest ways for him to utilize his ballooning personal fortune.
This year, following Amazon's announcement that it had become the second company to reach a $1 trillion valuation and favorable tax cuts by the US administration, Bezos saw his personal worth soar to an unprecedented $164bn making him the world's richest man.
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Bezos has faced criticism in the past for his perceived relatively small philanthropic contributions. Even following this latest move, people have still compared his efforts to other tech billionaires such as Bill Gates and Mark Zuckerberg who have both donated or pledged significantly more to their causes than Bezos.
He has also faced criticism online for doing this for the sake of optics, with many responding to his announcement by demanding he pay his workers more, a criticism US Senator Bernie Sanders also leveled at him recently.
However, as the tweet explained, Bezos believes that his life's work has always "included investments in the future," whether it be through his investments in space infrastructure or by supporting democracy through his purchase of the Washington Post.
The two funds will focus on two areas; assisting homeless families and the education of young children through the funding of both existing charities and the creation of a network of new non-profits.
At the end of the tweet, Bezos compared his principles toward this project with his approach to business as he stated: "Most important among those will be genuine, intense customer obsession. The child will be the customer."