Amazon's Jeff Bezos to start $2B USA charitable fund

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Bezos, with an estimated fortune of more than $160 billion, is now the world's wealthiest man, according to Forbes.

More than a year after putting out an open call for suggestions about what to do with his spectacular wealth, Jeff Bezos has come back with a decision. It is a contrast to the long view that Bezos has preached at Amazon and Blue Origin, the space-travel technology company he has been funding with $1 billion a year through the sale of Amazon stock.

Bezos said on Twitter that the schools would be located in underserved communities and would be operated by his new Bezos Day One Fund. The most notable involving more than $40 million United States to the local nonprofit FareStart - a hospitality training program and restaurant business that aims to combat homelessness and poverty - and Mary's Place, whose mission to find and provide shelter for every child.

The $2 billion initiative, while significant, is far less than the philanthropic efforts of other billionaires including Microsoft's Bill Gates, who has donated tens of billions to his foundation, and Facebook's Mark Zuckerberg, who has pledged to donate 99 percent of his shares in the social media giant to an organization focused on public good.

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Earlier this year, under pressure from Amazon and other large employers, Seattle's City Council repealed an employee head tax created to provide housing and services for the homeless.

Geek Wire reports that as part of Childhood Cancer Awareness month, Amazon has also rolled out a specially branded Prime Air jet and made charitable donations to two institutions working toward better awareness of childhood cancer.

"We will build an organization to directly operate these schools". The Seattle-based Bill and Melinda Gates Foundation as the world's largest private nonprofit foundation has an endowment worth over $40 billion United States and has long supported homelessness services for families in the city. In the summer of 2017, Bezos tweeted a request from the masses for philanthropic ideas "at the intersection of urgent need and lasting impact". September is Childhood Cancer Awareness month and each year Amazon partners with @ACCOrg to raise awareness of childhood cancer - second leading cause of death for kids in the USA between ages 4 and 14.

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