Amazon’s One-Two Punch Against Homelessness
Amazon shares were up slightly on Tuesday after the firm announced that it has made in-kind and cash donations to its Seattle nonprofit partners Mary’s Place and FareStart.
Amazon.com Inc. (NASDAQ: AMZN | AMZN Price Prediction) announced on Tuesday that it has made in-kind and cash donations to its Seattle nonprofit partners Mary’s Place and FareStart.
This includes a first-of-its-kind family shelter within an Amazon building for Mary’s Place and classroom and restaurant space for FareStart’s job training program for people experiencing homelessness or living in poverty.
The collective value of these donations, including annual rent, is more than $130 million, with Mary’s Place alone receiving $100 million in in-kind and cash donations over the next 10 years.
Separately, Amazon announced an initial $8 million total donation to Plymouth Housing and the Arlington Community Foundation, based in the company’s two headquarters regions: Seattle and Arlington, Virginia.
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Also, beginning today, Amazon launched an employee match campaign to encourage employees to donate to 20 select nonprofits addressing housing and homelessness in the company’s two headquarter regions. Amazon will match the donation one-for-one, up to $5 million, through September 30.
Paul Lambros, CEO of Plymouth Housing, commented:
As the city of Seattle continues to look for solutions to homelessness, this generous donation from Amazon will help us meet the immediate needs of thousands of people in the coming years. Chronic homelessness is a disabling condition and a complex issue requiring the attention and support of the whole community. We’re very grateful to Amazon for continuing to step up in addressing this pressing need.
Shares of Amazon traded up about 1% at $1,880.60 Tuesday morning, in a 52-week range of $1,307.00 to $2,050.50. The consensus price target is $2,170.21.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
