September 22, 2019 | 3:50 AM IST
entrepreneur

Amazon’s Jeff Bezos launches $2 billion philanthropic fund

Chief Executive Officer at Amazon, Jeff Bezos launched a new philanthropic initiative on Thursday with an initial commitment of $2 billion investment to help homeless families and make pre-schools for low-income communities. The fund will be split between Day 1 Families Fund and Day 1 Academies Fund. Bezos also updated the details for the same in his recent post at Twitter. He wrote, "The Day 1 Families Fund will issue annual leadership awards to organizations and civic groups doing compassionate, needle-moving work to provide shelter and hunger support to address the immediate needs of young families.” According to Bloomberg report, Bezos has a net worth of about $164 Billion and is termed as the richest person on the globe. The Day 1 Academies Fund will launch and operate a network of high-quality, full-scholarship, Montessori-inspired preschools in underserved communities. The average American's median household total wealth is $97,300, according to Federal Reserve 2016 data (latest available).

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