Bezos, believe to be the world's richest man with a net worth of more than $160 billion, announced the new program on his Twitter account.
Amazon CEO Jeff Bezos on Thursday announced a $2 billion philanthropic effort that will be targeted at providing help to homeless families and starting pre-schools in low-income communities.
"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.