Bezos, believed to be the world’s richest man with a net worth of more than $160 billion, announced the new program on his Twitter account.
“We’re excited to announce the Bezos Day One Fund,” Bezos wrote in the tweeted statement.
The fund will be split between the Day 1 Families Fund, which Bezos wrote will “issue annual leadership awards to organizations and civic groups doing compassionate, needle-moving work to provide shelter and hunger support to address the immediate needs of young families.”
The Day 1 Academies Fund “will launch and operate a network of high-quality, full-scholarship, Montessori-inspired preschools in underserved communities,” Bezos wrote.
The term “Day 1” comes Bezos’ personal mantra.
“I talk often about the importance of maintaining a Day 1 mentality,” Bezos wrote. “It’s always Day 1, and I work hard to apply that mindset to everything I do. It was Day 1 outlook that made me reach out to your for suggestions on approach to philanthropy last year.”
Bezos had previously only made limited donations but put out a call on Twitter in June 2017 for philanthropic ideas. In January, Bezos had his largest known charitable donation to date, a $33 million donation to TheDream.us, a non-profit organization that gives scholarships to Dreamers, who are young, undocumented immigrants who were brought to and raised in the U.S. from a young age.