Amazon founder and CEO Jeff Bezos announced Thursday that he is contributing $2 billion to start a fund that will open preschools in low-income neighborhoods and provide money to nonprofits that help homeless families, the AP reports.
“Bezos, whose stake in Amazon is worth about $160 billion, says that he’ll call it the Bezos Day One Fund. An Amazon.com Inc. spokeswoman confirmed that the money will all come from Bezos, though there are few details about how the fund will operate,” the AP reports.
The report adds: “It’s not yet known what his preschools will look like except that they will be based on the teaching philosophy of Maria Montessori, which focuses on individual learning and social-emotional development.”
The AP also notes: “Bezos, who founded Amazon as an online book store more than two decades ago, has seen his wealth surge along with Amazon’s stock. Forbes magazine placed him at the top of its list of billionaires for the first time this year, surpassing Microsoft co-founder Bill Gates and investor Warren Buffett.”