Jeff Bezos is donating money to fix a problem his company perpetuates

Amazon CEO Jeff Bezos

Now, Bezos has announced the Bezos Day One Fund, which he and his wife MacKenzie will use to fund existing organizations that help homeless families and to create a "network of new, non-profit, tier-one preschools in low-income communities".

Amazon founder Jeff Bezos is to launch a $2bn (£1.53bn) fund to help homeless families and launch pre-schools in poor communities.

The Day 1 Academies Fund will establish full-scholarship Montessori-like preschools where "the child will be the customer".

With a little more than three months left in the year, Amazon CEO Jeff Bezos says he still intends to announce a decision on where its second headquarters will be located before the new year. "It's okay. It's part of the process", Bezos said. 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.

Amazon will select a location for its second headquarters by the end of the year, CEO Jeff Bezos said Thursday night. It is a contrast to the long view that Bezos has preached at Amazon and Blue Origin, the space-travel technology company he has been funding with $1 billion a year through the sale of Amazon stock.

Gates has also, with billionaire investor Warren Buffett, encouraged wealthy individuals to pledge half their fortunes to worthy causes.

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In January, Bezos donated $33 million for college scholarships to "Dreamers"- childhood undocumented immigrants allowed to stay in the country under the Deferred Action for Childhood Arrivals (DACA) program.

He has also made donations for cancer research and to Princeton University, his alma mater.

The staggering fortunes of the likes of Bezos, Gates and Facebook CEO Mark Zuckerberg have created a second Gilded Age in the USA and "a new generation of megagivers", Callahan said.

Last year, Bezos took to Twitter to request ideas for how he use his vast fortune for good.

He said he did not know how much money he would eventually give away. "What the President should say is, 'This is right". 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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