But Bezos said he did not see Amazon - which briefly hit $1 trillion in market value - as a monopoly, arguing that online sales still represent a small fraction of overall retail. Where are the opportunities to make things better? Apple reached that milestone a few weeks earlier.
Last year, he donated $33 million to fund scholarship for "dreamers", the name given to undocumented children of immigrants who face legal obstacles in attending college or university. The Seattle-based Bill and Melinda Gates Foundation as the world's largest private nonprofit foundation has an endowment worth over $40 billion U.S. and has long supported homelessness services for families in the city. "But this is part of a wave we're seeing within Silicon Valley, where a number of successful entrepreneurs are looking at philanthropy to have a greater impact". Amazon warehouse employees are known to have bad working conditions, pitiful wages, and have even been forced into homelessness after workplace injuries. "That is what a rigged economy looks like". The Bezos Day One Fund will contribute to "existing non-profits that help homeless families" and fund "a network of new, non-profit, preschools in low-income communities".
The Day 1 Academies Fund will launch and operate a network of high-quality, full-scholarship, Montessori-inspired preschools in underserved communities.
Insanely rich human being Jeff Bezos announced today his intention to do something he rarely ever does: philanthropy. 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. Almost 200 people from 22 countries have signed on, including Facebook founder Mark Zuckerberg, Tesla's Elon Musk, Carl Icahn, T. Boone Pickens and Ted Turner.More news: Xi, Putin Meet As Russia Kicks Off Biggest Ever War Games
"We'll use the same set of principals that have driven Amazon", wrote Bezos of the preschool management.
Charitable giving has become particularly important, experts say, amid rising income inequality in the United States. It's also social norms that protect us.
Many Twitter users agreed with that reasoning. "If billionaires like Bezos were properly taxed then we wouldn't need billionaires like Bezos to sweep in and "rescue" people failed by our underfunded systems," one wrote. But in June previous year, he made a decision to use his money to help those who needed it sooner, turning to Twitter for donation suggestions. Bezos responded: "Yeah, if there's anything left after I finish building Blue Origin". But I will say this - it is a mistake for any elected official, in my opinion, I don't think this is a very out-there opinion, to attack media and journalists. "If you're the president of the United States or a governor of a state or whatever, you don't take that job thinking you're not going to get scrutinized". The wealth that Bezos has amassed hasn't come without controversy, as many critics point to poor working conditions at his facilities while others say he doesn't do enough for the public good.