Despite his fortune, Bezos has not been a major philanthropic donor and Amazon has been criticised in its home of Seattle, Washington, for its perception as doing little to address problems of the growing homeless population. "What the president should say is, 'This is right, I'm glad I'm being scrutinised.' That would be so secure and confident".
Jeff Bezos said the new Day One Fund was inspired by his "Day 1 mentality". "If our own great-grandchildren don't have lives better than ours, something has gone very wrong", said Bezos in a statement shared on Twitter.
Amazon founder and CEO Jeff Bezos said his company "should be scrutinized" by the federal government but urged politicians not to "demonize" or "vilify" big businesses.
Discussing the preschools he would be funding, Bezos said he would focus on children the way Amazon does its customers.
The remarks came during an hour-long, freewheeling conversation with hedge fund billionaire and philanthropist David Rubinstein at an annual gathering of the Economic Club of Washington, which Rubinstein chairs.
Mr Bezos solicited ideas on Twitter a year ago for ways to donate some of his wealth.
Zuckerberg, 34, and his wife Priscilla Chan said in 2015 that they planned to give away 99 per cent of their Facebook stock.More news: Danny Rose reveals angry halftime exchange between England players
Demonising the media and calling them "the enemies of the people" is risky, Bezos said. "It's unsafe to say that they're the enemy of the people".
"I've never sought that title", Bezos said.
And US Senator Bernie Sanders has criticised working conditions in Amazon warehouses. Zuckerberg's shares in the social network are now valued at about US$61 billion.
The pair have form, with Trump last December complaining that the US Postal Service's pricing policies were helping to make the likes to Amazon richer. "Never have I been more comfortable at an Amazon board meeting!"
The private non-profit foundation in its 2016 tax filing reported almost $46 million USA in assets, and giving away $30 million U.S. in grants support its missions in early education, K-12 schools reform and youth leadership development and scholarships. "Most important among those will be genuine, intense customer obsession", he tweeted.