Mark Zuckerberg Donates $500 M to Silicon Valley Community Foundation

The Facebook founder and CEO announced in a blog post that he and his wife are going to donate about $500 M to charity. This contribution is considered as the second major contribution till date.  The CEO of the company announced that they have donated about 18 million Facebook shares to the Silicon Valley Community Foundation. This announcement was made by the CEO in the Timeline of Zuckerberg.

If we calculate the value of shares of Facebook which they have given to the charity, then according to the yesterday’s price of $28 this value stands at $499 million.

The founder of the Facebook made commitment and signed The Giving Pledge in 2010. According to this commitment, the CEO of the company will donate majority of his wealth to the charity during his lifetime.

This is said that this contribution by the founder of the Facebook is the heaviest contribution since this agreement has been signed. According to few months ago, he also gave about $100 million gift to the Newark City Public School System. At that time, he used the source of Oprah and made announcement through t his medium. He wrote the following words in his post;

“I am really proud of the work we have done there, helping the leaders like Governor Chris Christie and Mayor Cory Booker sign the most progressive teacher’s contract in our country, opening four new district high schools, 11 new charter school and more”.

Mark Zuckerberg is quite hopeful that like other donations, this contribution will be used to lay foundations for the new projects. The analysts of the market have taken this thing as very positive. The exact words of the post of Mark Zuckerberg are as under;

“Two years ago, Priscilla and I signed The Giving Pledge, committing to donate the majority of the money we earn to charity. Today, in order to lay the foundation for new projects, we have made a contribution of 18 million Facebook shares to the Silicon Valley Foundation. Together we will look for areas in education and health to focus on next. I am hopeful we will be able to have as positive an impact in our next set of projects”.

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