Jeff Bezos unfazed by antitrust concerns on Amazon

Here’s why the world’s richest man Jeff Bezos wore pajamas to a board meeting

Here’s why the world’s richest man Jeff Bezos wore pajamas to a board meeting

Jeff Bezos, Amazon.com Inc's founder and the world's richest person, said on Thursday he will commit $2 billion to helping homeless families and starting pre-schools for low-income communities.

The fund will also seek to launch and operate "a network of high-quality, full-scholarship, Montessori-inspired preschools in underserved communities", he wrote.

Bezos, with an estimated fortune of more than $160 billion, is now the world's wealthiest man, according to Forbes. "The media is going to be fine", he said during the conversation with economic club president David Rubenstein.

Discussing the preschools he would be funding, Bezos said he would focus on children the way Amazon does its customers.

Trump has repeatedly said without evidence that package deliveries by the US Postal Service for Amazon were costing the service money.

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.

Earlier this month Amazon, which Mr Bezos founded in 1994, became only the second stock market company to be valued at $1tn.

However, he has recently said he is looking to use his wealth for philanthropy, following in the footsteps of Bill Gates and Mark Zuckerberg.

Bezos privately owns the Washington Post, which has been among the media that have been the frequent target of broadsides from Trump.

Despite his fortune, Bezos has not been a major philanthropic donor and Amazon has been criticised in its home of Seattle, Washington, for its perception as doing little to address problems of the growing homeless population. In January, Bezos also personally gave $33 million United States in college scholarships for young immigrants living in the USA illegally.

He has also made donations for cancer research and to Princeton University, his alma mater. The Washington Post's top editor has said that Bezos has no involvement in its news coverage. "If you can give somebody a leg up when they're 2, 3 or 4 years old, by the time they get to kindergarten of first grade, they're much less likely to fall behind".

Bezos said he selected these two areas after getting thousands of ideas from an appeal he launched on Twitter past year.

What Trump "should say [of criticism] is, 'This is right, this is good". While his and Amazon investors' wealth increases-and the company's market capitalization approaches $1 trillion-what makes the business so efficient is that relies on automation and low-priced labor.

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