Amazon CEO Jeff Bezos launches $2 billion philanthropic fund for low-income communities

Amazon Chief Executive Officer Jeff Bezos on Thursday launched Bezos Day One Fund, a new philanthropic initiative, with an initial commitment of $2 billion to help homeless families and create preschools for low-income communities.

The fund will be split between Day 1 Families Fund and Day 1 Academies Fund.

"We are excited to announce the Bezos Day One Fund. It will begin with a commitment of $2 billion and focus on two areas: funding existing non-profits that help homeless families and creating a network of new, non-profit, tier one pre-schools in low-income communities," he said in a tweet.

Bezos further added that 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. He stated that the Day 1 Academies Fund will launch and operate a network of high-quality, full-scholarship, Montessori-inspired preschools in underserved communities.

The Amazon CEO ended the note by thanking everyone who sent him suggestions and the "inspiring examples of innovation" he sees every day.

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- Jeff Bezos (@JeffBezos) September 13, 2018

Bezos, with an estimated fortune of more than $160 billion, is currently the world's wealthiest man, according to Forbes.

(With Reuters inputs)