Bezos: Amazon HQ2 decision will be made by end of the year

Jeff Bezos talks with students at the opening of the Apollo Exhibit at The Museum of Flight in Seattle

Bezos made the announcement on Twitter a year after asking for ideas on how he could use his personal fortune - now estimated at more than $160 billion - for charitable efforts.

The other component, called the "Day 1 Academies Fund," will create "and operate a network of high-quality, full-scholarship, Montessori-inspired preschools in underserved communities", Bezos said.

Amazon CEO Jeff Bezos says a decision is coming on the company's second headquarters but offers no hints. "Most important among those will be genuine, intense customer obsession", he tweeted.

Bezos owns the Washington Post, which, along with Amazon have been targets of Trump criticisms.

The new philanthropic effort is called the Bezos Day One Fund, a nod to the executive's management philosophy that organizations must view every day with the fervor of a new start, or face stagnation and decline.

The Bezos Family Foundation, best known for supporting children's education, has been largely funded by his parents from Amazon holdings they acquired as early investors in their son's enterprise. "It was a Day 1 outlook that made me reach out to ask for suggestions on approaches to philanthropy a year ago".

Florence weakens to Category 2 hurricane but still life-threatening: NHC
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Many on Twitter, however, did not hurry to heap praise on Bezos' new endeavor, pointing out Amazon's practices of underpaying its workers and forcing employees to work in stuffy warehouses without air conditioning. "It was only a matter of time before Bezos would join this new era of big philanthropy". "It's okay. It's part of the process", Bezos said.

Jeff Bezos, Chairman and CEO of Amazon, speaks at the George W. Bush Presidential Center's Forum on Leadership in Dallas, Texas, U.S., April 20, 2018.

"Another way we're raising awareness is through our special #GoGold boxes - you may receive one during September", he added.

"I don't know how much I'm going to give away", he told economic club president David Rubenstein. It's also social norms that protect us.

He has also been criticized for not contributing his fortune to philanthropy like other billionaires have, including Microsoft founder Bill Gates and Berkshire Hathaway's Warren Buffett.

In places like China and the Middle East, where public acts of charity are less common, the wealthy are starting to formalise their giving. 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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