Sci-tech

Jeff Bezos is donating money to fix a problem his company perpetuates

Jeff Bezos is donating money to fix a problem his company perpetuates

Amazon CEO Jeff Bezos seems to be Seattle City Councilmember Kshama Sawant's arch-nemesis, so it only makes sense that she would have something to say about the entrepreneur's $2 billion charitable fund toward homelessness and education.

One part of the effort, dubbed the "Day 1 Families Fund", will give money to non-profit organizations that are "doing compassionate, needle-moving work to provide shelter and hunger support to address the immediate needs of young families", Bezos's message stated.

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", Bezos wrote.

Citing the Amazon mantra of customer obsession, Bezos said in a tweet "the child will be the customer". The Amazon boss and his wife, who have four children, both serve on the foundation's board directors.

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Bezos solicited ideas on Twitter past year for ways to donate some of his wealth. At the time, he said that he was interested in funding projects to help people at the intersection of urgent need and lasting impact.

I want to close be thanking everyone who sent me suggestions, and for the inspiring examples of innovation I see every day, large and small.

Some analysts have suggested Amazon could face antitrust scrutiny over its growing power in the economy, and President Donald Trump has accused the company of taking advantage of the Postal Service, despite studies suggesting the internet giant's deal has been beneficial to the United States government postal operator. Outside of that, Bezos and his family's known donations have included gifts to Princeton University and Seattle's Fred Hutchinson Cancer Research Center, according to the Chronicle of Philanthropy.

Bezos has yet to sign the Giving Pledge, an initiative launched by Gates encouraging billionaires to commit to giving away most of their wealth. Alibaba owns the South China Morning Post.

Helping the homeless has also been a focus for Amazon. 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.