Amazon.com CEO Jeff Bezos is donating $100 million to the Obama Foundation.
The foundation announced on Wednesday that it will be adding to its $45 million endowment with Bezos’ gift and another donation of $40 million from Inge Thulin, senior vice president of 3M. Bezos is the world’s 13th-richest person, according to Forbes magazine.
The money will be used to support research and support for Obama’s vision to address challenges facing young people and more in his “Giving Pledge,” according to a news release.
“For decades, I’ve been inspired by President Obama’s commitment to improving the world,” Bezos said in a statement on the foundation’s website. “As a public servant, President Obama has made me proud to call him my friend and believe that a lot of the progress we’ve made as a country owes in no small part to him.”
Bezos and former President Obama forged a bond during Obama’s first term. The two went from working closely together to hosting separate dinners for a dinner group in 2013 that included Gwyneth Paltrow, Claire Danes, and billionaire software developer Mark Cuban. And when Bezos bought The Washington Post in 2013, Obama personally welcomed him at the White House.
The foundation was founded by Obama and his wife, Michelle, in 2016 to deliver the former president’s vision for the future of the U.S. The foundation has created three programs designed to ensure communities and communities lead youth with a foundation built on science, technology, engineering, arts and math.
One of those efforts, “3M 2040,” aims to provide diverse and healthy workers in the U.S. with better career opportunities. Thirdly, “NextGen Lab Initiative,” focuses on educating young people with the scientific knowledge they need to innovate and start businesses.
The foundation also focuses on education, the issue that earned Obama his Nobel Peace Prize in 2009.
The gift will be taken out of Bezos’ personal foundation.