Jeff Bezos and Amazon host the yearly Mars Conference. This year it focused on artificial intelligence. (MANDEL NGAN/AFP/Getty Images)

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Jeff Bezos Creates $2 Billion Fund to Help the Homeless

Bezos, the world's richest man, has been largely invisible in the world of philanthropy.

Jeff Bezos, the world’s richest man, and his wife, MacKenzie Bezos, launched a $2 billion fund to help homeless families and create a network of nonprofit preschools in low-income communities.

This move puts Bezos into a rarefied group of billionaire megadonors at a time when his company, Amazon.com Inc., faces growing criticism and scrutiny over its rising power and impact on the economy, writes Bloomberg.

The fund, called the Bezos Day One Fund, has two initiatives: The first is fund existing nonprofits and issue annual awards to organizations doing good work sheltering and supporting the immediate needs of young families. The second is operate a network of high-quality, full-scholarship Montessori-inspired preschools.

Bezos, who has a personal fortune of $163.8 billion, has been largely invisible in the world of philanthropy to this point. His net worth has risen by $64.7 billion this year alone as Amazon’s shares surged.

Read the full story at Bloomberg