It will begin with the commitment of $2 billion and focus on two areas: funding existing non-profits that help homeless families, and creating a network of new, non-profit, tier-one preschools in low-income communities.
Fox News political contributor Tammy Bruce, Christine Pelosi, daughter of Rep. Nancy Pelosi (D-Calif.), American Greatness editor Chris Buskirk on how Amazon CEO Jeff Bezos launched a $2 billion "Day One Fund" to support underserved communities.
To raise awareness about childhood cancer, which is the second leading cause of death in the USA between kids aged 4 and 14, Amazon's Jeff Bezos wore pajamas to a meeting on Wednesday. "The secret sauce of Amazon - the number one thing that has made us successful has by far is obsessive, compulsive focus on the customer".
Mr Bezos, who operates the Blue Origin space rocket project and who owns the Washington Post newspaper, has given donations to a scheme to help the children of immigrants, cancer research, and Princeton University. (The foundation was formed from the merger of two smaller, pre-existing efforts: the William H. Gates Foundation and the Gates Learning Foundation.) The organization, which is focused on global health and education, has distributed $46 billion to grant recipients through a year ago.
An Amazon spokesman didn't have details on who would run Bezos' new initiative, or where the group would be based.
"All big institutions of any kind are going to be and should be examined, scrutinized and inspected", he said.
Many in the philanthropic sector say they're glad that the world's richest man was directing some of his largesse a little closer to home.
Gates did not fully throw himself into philanthropy until he stepped down as CEO of Microsoft in 2000.
"We will build an organisation to directly operate these schools".
Bezos has yet to sign the Giving Pledge, an initiative launched by Gates encouraging billionaires to commit to giving away most of their wealth. This year, Gates also announced it was taking up systemic poverty in the U.S. Some activists and politicians have partly blamed the city's problems on Amazon. It previously helped the nonprofit temporarily house 200 homeless people.