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Facebook CEO Mark Zuckerberg found his giving spirit on Tuesday with a $500 million donation to improve Silicon Valley education. (Photo via Getty Images)
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by http://blogs.forbes.com/ryanmac/
Two years ago, Facebook cofounder Mark Zuckerberg and his wife Priscilla Chan signed The Giving Pledge, a public commitment to give away 50% of their wealth or more during their lifetimes or upon their deaths. Looks like the Silicon Valley power couple are starting early.
Two years ago, Facebook cofounder Mark Zuckerberg and his wife Priscilla Chan signed The Giving Pledge, a public commitment to give away 50% of their wealth or more during their lifetimes or upon their deaths. Looks like the Silicon Valley power couple are starting early.
On his Facebook page Tuesday, the $13 billion CEO announced that he donated 18 million of his company’s shares to the Silicon Valley Community Foundation. This comes after the 28-year-old Zuckerberg pledged $100 million to Startup:Education in 2010 to improve Newark schools.
“Together, we will look for areas in education and health to focus on next,” Zuckerberg wrote on his Facebook page. “I’m hopeful we’ll be able to have as positive an impact in our next set of projects.”
The shares have already been donated to the foundation according to a filing with the Securities and Exchange Commission. As of Facebook’s closing price on Tuesday of $27.71, the gift is worth a little more than $498 million, making it the largest single philanthropic donation to education this year.
“This is great news for people who are passionate about improving public education,” said Jen Holleran, executive director of Startup:Education, which is a supporting organization of the Silicon Valley Community Foundation. “Mark’s commitment to dramatically improving the public schools in Newark has been making exciting progress, and we’re thrilled to know that his larger dedication to philanthropy is continuing.”
original source: www.forbes.com
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