Bezos family launches $2 billion philanthropy fund

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

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Kris Holt
September 13, 2018 1:03 PM
Danny Moloshok / Reuters
Danny Moloshok / Reuters

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.

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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.

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Bezos family launches $2 billion philanthropy fund