Amazon CEO Jeff Bezos launches a $2 billion philanthropic fund

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Bezos, who acquired the Washington Post for $250 million in 2013, vowed to defend the paper's coverage from President Trump's criticisms, suggesting its reporting on the administration is fair and balanced.

What Trump "should say [of criticism] is, 'This is right, this is good".

The so-called Day One Fund will be multi-billionaire businessman's most significant foray into philanthropy to date. The fund will be split between Day 1 Families Fund and Day 1 Academies Fund.

Amazon CEO Jeff Bezos seems to be Seattle City Councilmember Kshama Sawant's arch-nemesis, so it only makes sense that she would have something to say about the entrepreneur's $2 billion charitable fund toward homelessness and education. The other part will launch and operate free preschools in low-income communities, where "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. "If you can give somebody a leg up when they're 2, 3 or 4 years old, by the time they get to kindergarten of first grade, they're much less likely to fall behind".

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Following the event, PJM asked Bezos for his opinion of the Sanders bill but he declined to comment. "It was a Day 1 outlook that made me reach out to ask for suggestions on approaches to philanthropy previous year".

"It's risky to demonise the media", Mr Bezos said. Amazon warehouse employees are known to have bad working conditions, pitiful wages, and have even been forced into homelessness after workplace injuries. It is risky to call the media low lifes, it is unsafe to say that they are the enemy of the people. He said he was supporting "American democracy through stewardship of the Washington Post" and pointed to the contributions he has given to cancer research, marriage equality and college scholarships for immigrant students. This year, Gates also announced it was taking up systemic poverty in the U.S.

Since then, he and his wife have built the Bill & Melinda Gates Foundation, which had an endowment of US$51 billion at the end of 2017 and pledges to spend all its resources within 20 years of its founders' deaths.

The announcement marks a deeper foray into philanthropy for Mr Bezos, whose fortune has soared to more than $160 billion thanks to his stake in Amazon, making him the world's richest person, according to Forbes.