Zuckerberg Donates $500M to Silicon Valley Charity

Tuesday, 18 Dec 2012 10:32 PM


  Comment  |
   Contact Us  |
|  A   A  
  Copy Shortlink

Facebook Inc. Chief Executive Officer Mark Zuckerberg is donating almost $500 million in shares of the world’s largest social network to the Silicon Valley Community Foundation.

The gift to the nonprofit group, which had $2 billion in assets in 2011, is to “lay a foundation for new projects,” Zuckerberg said in a statement posted on his Facebook page.

The executive and his wife, Priscilla, signed a pledge two years ago committing the majority of their earnings to charity. The Silicon Valley Community Foundation provides grants for local needs and brings together “diverse groups of problem- solvers” to address them. It also manages corporate and individual charitable funds.

“Mark’s generous gift will change lives and inspire others in Silicon Valley and around the globe to give back and make the world a better place,” Emmett Carson, CEO of the foundation, said in an e-mailed statement. “We are pleased and honored that he has chosen to continue to partner with us to help him achieve his philanthropic goals.”

The couple’s first gift focused on education reform in Newark, New Jersey, with a group called Startup: Education. The $100 million donation went toward signing a new teachers contract, opening four new district high schools and 11 new charter schools, Zuckerberg said.

“Together, we will look for areas in education and health to focus on next,” he said.

Zuckerberg’s fortune is valued at $14.1 billion, making him the 59th richest man in the world, according to the Bloomberg Billionaires Index.

Facebook rose 3.6 percent to $27.71 at the close in New York. The company has fallen 27 percent since its initial public offering in May.

Alexandra Hollander, a spokeswoman for Menlo Park, California-based Facebook, didn’t immediately respond to a request for comment on why Zuckerberg chose the charity.

© Copyright 2014 Bloomberg News. All rights reserved.

  Comment  |
   Contact Us  |
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Retype Email:
Zip Code:
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Rep. Farenthold Says Contempt Bill Aimed at Restoring Power to Congress

Friday, 18 Apr 2014 06:29 AM

Texas Republican Rep. Blake Farenthold said Thursday a bill he's introduced to withhold Attorney General Eric Holder's p . . .

Admiral McRaven: Suicide Among Special Forces at Record Levels

Friday, 18 Apr 2014 06:09 AM

Suicides among U.S. special operations forces, including elite Navy SEALs and Army Rangers, are at record levels, a U.S. . . .

Brent Bozell: Media Refuses to Cover Easter as Religious Holiday

Thursday, 17 Apr 2014 21:45 PM

Media outlets are largely ignoring the religious side of holidays such as Easter and Christmas, says Media Research Cent . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved