Amazon's Jeff Bezos unveils $2 billion philanthropic fund

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Amazon CEO and world's richest man Jeff Bezos has invoked Twitter wrath for seemingly an all-around commendable cause - setting up a charity fund to fight homelessness and create a preschool network for the underprivileged. "What the president should say is, 'This is right, I'm glad I'm being scrutinised.' That would be so secure and confident".

Bezos said the Day 1 Family Fund would issue grants every year to groups and organizations that provide shelter and food to young families in need.

Bezos said early childhood education is a critical area and that "the money spent there is going to pay very big dividends for decades".

Bezos said the schools would "use the same set of principles that have driven Amazon" and that "the child will be the customer".

The Day 1 Families Fund will start an organisation to operate a new network of full-scholarship preschools for low-income communities. "In the caption, he wrote, "September is Childhood Cancer Awareness month", he further wrote that Amazon employees around the globe will be wearing pjs to work to show their solidarity and support to children suffering from the deadly disease". "I believe that it's an essential component of our democracy", Bezos said in an on-stage interview hosted by the Economic Club of Washington.

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

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"But it is really risky to demonise the media".

Amazon has come under heavy criticism for how workers are treated at its distribution centres and its tax contributions.

This is not the first time Bezos has publicly defended his newspaper from Donald Trump. "It's risky to say they're the 'enemy of the people'". "But we're going to make a final pitch".

"We're hoping that local, state and federal governments see this as a call to invest more in preschool and childcare", he said.

Bezos also said no decision had been made on Amazon's second North American headquarters, known as HQ2, for which 20 cities have been selected as finalists, and that the choice would be made as scheduled before the end of the year. Bezos, with an estimated fortune of more than $160 billion, is now the world's wealthiest man, according to Forbes. "I'll keep my conversations with the president to myself", Bezos said.

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