Published: Fri, September 14, 2018
Markets | By Otis Pena

Amazon's Bezos comments on Trump criticism

Amazon's Bezos comments on Trump criticism

Amazon CEO Jeff Bezos is the richest man in the world by an astronomical margin.

Earlier this year Amazon played a pivotal role in diminishing and ultimately defeating a Seattle business tax to fund homelessness services and affordable housing.

Even so, Amazon insisted it was "deeply committed" to tackling homelessness in Seattle and said it would continue to invest in local nonprofits that work with the homeless.

The Bezos Day One Fund will be made up of the Families Fund and the Academics Fund.

Within this, the "Day 1 Families Fund" will support existing non-profit organizations that offer shelter and food to young homeless families.

The Day 1 Academies Fund will launch and operate a network of high-quality, full-scholarship, Montessori-inspired preschools in underserved communities.

Bezos, whose stake in Amazon is worth about $160 billion United States, says that he'll call it the Bezos Day One Fund. Most important among those will be genuine, intense customer obsession. After discussing the success of the Washington Post, which Bezos bought in 2013, Rubinstein asked how Bezos responds to criticism - some of which comes from Trump's Twitter feed - of Amazon and the Post.

Bezos, with an estimated fortune of more than $160 billion, is now the world's wealthiest man, according to Forbes. Jeff Bezos's net worth is about $150 billion, so this campaign represents a little over 1% of that. 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. He wrote that he wanted to help "people in the here and now - short term - at the intersection of urgent need and lasting impact".

Trump just doubled down on a lie about Hurricane Maria's death toll
Ryan added: "This was a devastating storm that hit an isolated island and that's really no one's fault". Trump said there were "6 to 18 deaths" shortly after the storm hit Puerto Rico in 2017.

Until now, Bezos, 54, had only taken small steps into philanthropy. "They're still going to want a big selection".

Bezos hasn't said how much he'll be contributing to the fund in coming years.

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

It's good that Bezos understands that there is a poverty problem, but by throwing his money at third-party organizations-and not focusing on fixing the systemic income gaps his company creates-he is only further proving the point of those who critique the tone-deafness of tech billionaires.

Since then, he and his wife have built the Bill & Melinda Gates Foundation, which had an endowment of US$51 billion at the end of 2017 and pledges to spend all its resources within 20 years of its founders' deaths.

Zuckerberg, 34, and his wife Priscilla Chan said in 2015 that they planned to give away 99 per cent of their Facebook stock.

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. Alibaba owns the South China Morning Post.

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