Wednesday, 26 September, 2018

Trump shouldn't criticise the news media, says Amazon's Jeff Bezos

Here’s why the world’s richest man Jeff Bezos wore pajamas to a board meeting Mark Zuckerberg's casual look gets competition from world's richest man as Jeff Bezos wore pajamas to board meeting
Nellie Chapman | 14 September, 2018, 17:29

Amazon founder and CEO Jeff Bezos says he is giving $2 billion USA to start a fund that will open preschools in low-income neighbourhoods and give money to non-profits that helps homeless families.

Avo Makdessian, a vice president at the Silicon Valley Community Foundation, a non-profit that manages donations for philanthropists including many tech billionaires, said he hoped Bezos' pledge would help inspire other wealthy Americans - as well as the government - to take similar action.

The "Bezos Day One Fund" created by Bezos and his wife MacKenzie will focus on 2 areas: helping "existing nonprofits that help homeless families" and funding "a network of new, nonprofit, tier-one preschools in low-income communities", he wrote.

A separate "Academies Fund" would open and operate "a network of high-quality, full-scholarship, Montessori-inspired preschools in underserved communities", he wrote.

Some resorted to the same argument as US President Donald Trump, who has attacked Amazon for not paying enough taxes and using US postal office as its "delivery boy". Most important among those will be genuine, intense customer obsession.

Asked about Trump's repeated criticism of both The Washington Post and Amazon, Bezos called it a "mistake" for any elected official to "attack media and journalists".

Later, Bezos told a Washington gathering that the $2 billion was only a start and that he would likely expand his philanthropic efforts.

The newspaper says Bezos has no involvement in its news coverage. "It was only a matter of time before Bezos would join this new era of big philanthropy".

"The media", Bezos added, "is going to be fine".

How does Jeff Bezos, the richest person alive, spend his billions?

He said he did not know how much money he would eventually give away.

While the online retail giant's presence made Seattle the fastest-growing big city in the U.S., it also has taken a toll on its residents, driving up rent prices, clogging traffic and overwhelming public transportation.

While Bezos was thinking about where best to put his own money, Amazon stepped up its corporate giving, focused on growing inequality in its hometown of Seattle.

Bezos, who founded Amazon as an online book store more than two decades ago, has seen his wealth surge along with Amazon's stock.