Amazon CEO Jeff Bezos launches a $2 bln philanthropic fund

Here’s why the world’s richest man Jeff Bezos wore pajamas to a board meeting

The world has been waiting for a major philanthropy announcement from Jeff Bezos for over a year. Naturally, it was easy for Sawant and others to target Amazon, but 500 businesses would have been subject to the tax, which is about 3 percent of the city's companies. Amazon warehouse employees are known to have bad working conditions, pitiful wages, and have even been forced into homelessness after workplace injuries.

Within this, the "Day 1 Families Fund" will support existing non-profit organizations that offer shelter and food to young homeless families. The fund's vision statement comes from non-profit Mary's Place in Seattle: no child sleeps outside.

Amazon chief Jeff Bezos is putting $2bn (£1.5bn) into a charitable fund he has established to help the homeless and set up a new network of schools. "Most important of those will be genuine, intense customer obsession". "September is Childhood Cancer Awareness month", he wrote saying Amazon employees around the globe will be wearing pjs to work to show their solidarity and support to children suffering from the deadly disease.

According to the research firm eMarketer, Amazon's e-commerce revenue will grow more than 28 percent this year to reach $394 billion, and will account for 49 percent of U.S. online retail sales and almost five percent of all retail spending.

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In a tweet last June, Bezos asked the public for ideas about where he should give his money.

The fight soured many more locals on Amazon and Bezos, and also overshadowed the growing portfolio of philanthropy they had done in the city.

The newspaper says Bezos has no involvement in its news coverage.

"The Bezos Family Foundation - and Jeff obviously has a role in that - has been engaged with early learning initiatives for years now", Burgess said, adding that it could only help the political momentum toward universal pre-K, as Seattle's preschool program is also once again on the ballot in November.

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Many Twitter users agreed with that reasoning. "If billionaires like Bezos were properly taxed then we wouldn't need billionaires like Bezos to sweep in and "rescue" people failed by our underfunded systems," one wrote.

"We will build an organization to directly operate these schools". Zuckerberg's shares in the social network are now valued at about US$61 billion.

In places like China and the Middle East, where public acts of charity are less common, the wealthy are starting to formalise their giving.

Launched in 1994 as an online bookseller, Amazon has become a retail powerhouse operating globally, and has expanded into streaming video, music, cloud computing and other segments, and a year ago acquired the Whole Foods grocery chain.

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