Jeff Bezos, Amazon founder, launches $2 billion charitable fund to fight poverty

Virginia Carson
September 14, 2018

Jeff Bezos, chief of Amazon and world's richest man attended a board meeting on Wednesday wearing a night suit.

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 U.S. government postal operator. They call their project the "Bezos Day One Fund".

Within this, the Day 1 Families Fund will support existing non-profits that offer shelter and food to young homeless families.

Despite the criticism, Bezos told interviewer David Rubenstein, founder of private equity giant Carlyle Group, that "The media is going to be fine".

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Washington Post owner and Amazon founder Jeff Bezos - no stranger to attacks on his companies and himself from President Trump - said that the president should welcome media scrutiny instead of bashing journalists.

He said the cash will also provide funding to launch and operate "a network of high-quality, full-scholarship" pre-schools in "underserved communities". "The child will be the customer".

"We are so inventive that whatever regulations are promulgated, that will not stop us from serving customers", Bezos said in a question-and-answer session at a dinner hosted by the Economic Club of Washington.

Zuckerberg, 34, and his wife Priscilla Chan said in 2015 that they planned to give away 99 per cent of their Facebook stock.

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But Bezos said he did not see Amazon - which briefly hit $1 trillion in market value - as a monopoly, arguing that online sales still represent a small fraction of overall retail. But in June previous year, he chose to use his money to help those who needed it sooner, turning to Twitter for donation suggestions. "It is unsafe to demonize the media". It's also social norms that protect us. "It's unsafe to say that they're the enemy of the people".

The pair have form, with Trump last December complaining that the US Postal Service's pricing policies were helping to make the likes to Amazon richer. "But it turns out in life that your most important decisions are always made with instinct, intuition, taste, heart".

"We live in a society where it's not just the laws of the land that protect us", he added. "I said, 'You're welcome, ' and he immediately turned to me and said, 'Thank you'".

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