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Jeff Bezos, the richest person on the planet, is taking the biggest step toward philanthropy. (Dennis Van Tine / MAX STAR / IPx)
Jeff Bezos, the richest person on the planet, announced on Twitter Thursday, a philanthropic commitment of $ 2 billion in two areas: the funding of existing non-profit organizations that help homeless families and the creation of a network of non-profit nursery schools in underserved communities.
The announcement of a $ 2 billion fund, called Bezos Day One Fund, comes 15 months after Bezos first asked for ideas, also on Twitter, for which he should focus his donations of charitable. The founder of Amazon tweeted in June of this year that he had made a decision and announced that he would announce details by the end of the summer.
Thanks to Amazon's closing price of $ 1,990 per share on Wednesday, it would take a little over a million Amazon shares to invest $ 2 billion in the Bezos Day One Fund. That would still leave Bezos with nearly 78 million shares.
In his announcement, Bezos described two groups within the Bezos Day One Fund: the Day 1 Family Fund and the Day 1 Academia Fund. The first one helps non-profit organizations such as Mary's Place, an organization based on Seattle provides night shelters and daycares for homeless families.
The Day 1 Academies Fund will support the launch of a network of Montessori-inspired preschools in low-income areas. The Montessori Education Method is a century-old approach that includes hands-on learning and self-directed activity to encourage the best interests of the child. According to the American Montessori Society, the country has more than 4,000 Montessori schools.
The Bezos Day One Fund will be by far its biggest philanthropic endeavor. In January, he donated $ 33 million to the non-profit education group TheDream.US to fund college scholarships for 1,000 undocumented immigrant high school students living in the country with DACA status (DIFFA) . He made this gift after the organization's founder, Don Graham, responded to Bezos' June 2017 tweet asking for charitable donation ideas.
Bezos also entered the political donations arena in early September, announcing a $ 10 million donation to a non-partisan super PAC called With Honor, which is seeking 20 veterans on each side of the political spectrum elected to the House. US representatives in 2018. the midterms.
While his parents, Jacklyn and Miguel Bezos, run the Bezos Family Foundation and have contributed $ 75 million of Amazon titles between 2014 and 2016 to the only philanthropic vehicle, the founder of Amazon himself is less involved. With his wife, Mackenzie, he donated $ 5 million of Amazon titles to the foundation in 2015, documents show.
The name of the fund – Day One – refers to the mindset of Amazon's founder, who has always wanted to exploit his e-commerce giant as if it were the first day of his business. Since the company became public in 1997, Bezos, in its annual letter to shareholders, has always attached a copy of the first letter to shareholders.
Bezos did not specify whether the Day One Fund would be a traditional foundation or a limited liability company. Mark Zuckerberg and Laurene Powell Jobs mainly use limited liability companies as a vehicle for philanthropy; This means that there is less transparency about the organizations that receive grants and the size of these grants.
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Jeff Bezos, the richest person on the planet, is taking the biggest step toward philanthropy. (Dennis Van Tine / MAX STAR / IPx)
Jeff Bezos, the richest person on the planet, announced on Twitter Thursday, a philanthropic commitment of $ 2 billion in two areas: the funding of existing non-profit organizations that help homeless families and the creation of a network of non-profit nursery schools in underserved communities.
The announcement of a $ 2 billion fund, called Bezos Day One Fund, comes 15 months after Bezos first asked for ideas, also on Twitter, for which he should focus his donations of charitable. The founder of Amazon tweeted in June of this year that he had made a decision and announced that he would announce details by the end of the summer.
Thanks to Amazon's closing price of $ 1,990 per share on Wednesday, it would take a little over a million Amazon shares to invest $ 2 billion in the Bezos Day One Fund. That would still leave Bezos with nearly 78 million shares.
In his announcement, Bezos described two groups within the Bezos Day One Fund: the Day 1 Family Fund and the Day 1 Academia Fund. The first one helps non-profit organizations such as Mary's Place, an organization based on Seattle provides night shelters and daycares for homeless families.
The Day 1 Academies Fund will support the launch of a network of Montessori-inspired preschools in low-income areas. The Montessori Education Method is a century-old approach that includes hands-on learning and self-directed activity to encourage the best interests of the child. According to the American Montessori Society, the country has more than 4,000 Montessori schools.
The Bezos Day One Fund will be by far its biggest philanthropic endeavor. In January, he donated $ 33 million to the non-profit education group TheDream.US to fund college scholarships for 1,000 undocumented immigrant high school students living in the country with DACA status (DIFFA) . He made this gift after the organization's founder, Don Graham, responded to Bezos' June 2017 tweet asking for charitable donation ideas.
Bezos also entered the political donations arena in early September, announcing a $ 10 million donation to a non-partisan super PAC called With Honor, which is seeking 20 veterans on each side of the political spectrum elected to the House. US representatives in 2018. the midterms.
While his parents, Jacklyn and Miguel Bezos, run the Bezos Family Foundation and have contributed $ 75 million of Amazon titles between 2014 and 2016 to the only philanthropic vehicle, the founder of Amazon himself is less involved. With his wife, Mackenzie, he donated $ 5 million of Amazon titles to the foundation in 2015, documents show.
The name of the fund – Day One – refers to the mindset of Amazon's founder, who has always wanted to exploit his e-commerce giant as if it were the first day of his business. Since the company became public in 1997, Bezos, in its annual letter to shareholders, has always attached a copy of the first letter to shareholders.
Bezos did not specify whether the Day One Fund would be a traditional foundation or a limited liability company. Mark Zuckerberg and Laurene Powell Jobs mainly use limited liability companies as a vehicle for philanthropy; This means that there is less transparency about the organizations that receive grants and the size of these grants.
