After a year of deliberation and thought, Amazon founder Jeff Bezos announced plans to back two philanthropic initiatives, potentially signaling a new chapter for the planet’s richest person.

Bezos’ fortune — which has risen in recent years as Amazon has expanded beyond online retail and cloud computing into a number of other industries — stood at $112 billion earlier this year, according to Forbes. That even eclipsed fellow Seattle billionaire Bill Gates, the Microsoft co-founder who has established one of the most important philanthropic organizations in the world: The Bill & Melinda Gates Foundation.

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Bezos comments, posted in a Tweet, come a day after Seattle killed its short-lived tax on big business — a defeat at the hands of Amazon and others in the business community who considered it the wrong approach to curbing homelessness.

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