Amazon CEO says 'HQ2' decision will be announced before end of year

Eileen GuzmanSep 14, 2018

Now, Bezos has announced the Bezos Day One Fund, which he and his wife MacKenzie will use to fund existing organizations that help homeless families and to create a "network of new, non-profit, tier-one preschools in low-income communities".

Organisations will be given grants for "doing compassionate, needle-moving work to provide shelter and hunger support to address the needs of young families".

The announcement marks a deeper foray into philanthropy for Bezos, whose fortune has soared to more than $160 billion thanks to his stake in Amazon. "The media is going to be fine", he said during the conversation with economic club president David Rubenstein. Since March 2016, Amazon customers have also been able to order items from the Mary's Place's wishlist on the site, such as diapers and socks.

Bezos said the schools would "use the same set of principles that have driven Amazon" and that "the child will be the customer".

"We live in a society where it's not just the laws of the land that protect us", he added.

Insanely rich human being Jeff Bezos announced today his intention to do something he rarely ever does: philanthropy.

Bezos also said no decision had been made on Amazon's second North American headquarters, known as HQ2, for which 20 cities have been selected as finalists, and that the choice would be made as scheduled before the end of the year.

Bezos privately owns the Washington Post, which has been among the media that have been the frequent target of broadsides from Trump.

Bezos said he and Marty Baron, the Post's editor, remind journalists that despite the commander-in-chief's attacks on the media, the paper isn't at war with the Trump administration.

Zuckerberg, 34, and his wife Priscilla Chan said in 2015 that they planned to give away 99 per cent of their Facebook stock. "It was a Day 1 outlook that made me reach out to ask for suggestions on approaches to philanthropy past year".

Last year, he donated $33 million to fund scholarship for "dreamers", the name given to undocumented children of immigrants who face legal obstacles in attending college or university.

An Amazon spokesman didn't have details on who would run Bezos' new initiative, or where the group would be based.

His private ownership of The Washington Post, which has published articles critical of the White House, has also put him at odds with U.S. President Donald Trump. 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.

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