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Bezos family launches $2 billion philanthropy fund

The Day One Fund will help homeless families and build preschools.

Jeff Bezos, the Amazon founder who happens to be the richest person on the planet, has launched a philanthropic effort with an initial commitment of $2 billion. He and his wife MacKenzie will use the Day One Fund to build a "network of new, non-profit, tier-one preschools in low-income communities" and fund "existing non-profits that help homeless families."

Last year, Bezos asked his Twitter followers for ideas on how to help people with his vast fortune, and a few months ago he said he had decided on two areas in which he'd provide assistance.

The Day 1 Families Fund will help organizations and groups who provide food and shelter to families in need. Meanwhile, the Day 1 Academies Fund "will launch and operate a network of high-quality, full-scholarship, Montessori-inspired preschools in underserved communities. We will build an organization to directly operate these preschools," Bezos said.

The Amazon founder, who's been accused of underpaying employees, has also taken flak over his lack of public philanthropy, given his net worth of over $160 billion. However, in January, the Bezos family donated $33 million to TheDream.US in support of Deferred Action for Childhood Arrivals (DACA) recipients. Their contribution will help a thousand Dreamers attend college.