Amazon's Jeff Bezos announces $2 billion charitable fund

Tinuku - Amazon CEO Jeff Bezos, the world's richest person, announced Thursday the creation of a US$2 billion charitable fund to assist the homeless and create preschools for low-income communities.

Bezos said the new Day One Fund was inspired by his "Day 1 mentality." The fund will be split into two efforts, the Day 1 Families Fund and the Day 1 Academies Fund. The Day 1 Academies Fund will establish full-scholarship Montessori-like preschools where "the child will be the customer."

Tinuku Amazon's Jeff Bezos announces $2 billion charitable fund

"It's always Day 1, and I work hard to apply that mindset to everything I do. It was a Day 1 outlook that made me reach out to ask for suggestions on approaches to philanthropy last year," he said in the announcement on Twitter.

The former 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."

"We will build an organization to directly operate these preschools. I'm excited about that because it will give us the opportunity to learn, invent and improve," Bezos said