Facebook CEO Mark Zuckerberg to donate $500 mn in stock

Dec 19 2012, 10:35 IST
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Mark Zuckerberg (AP) Mark Zuckerberg (AP)
SummaryZuckerberg says he is donating stock to a Silicon Valley charity to focus on health, education.

Facebook CEO Mark Zuckerberg says he is donating nearly USD 500 million in stock to a Silicon Valley charity to focus on health and education issues.

The gift of 18 million Facebook shares is valued at USD 498.8 million based on their closing stock price yesterday, when Zuckerberg, 28, made the donation. The beneficiary is the Silicon Valley Community Foundation, a nonprofit that works with donors to allocate their gifts.

This is Zuckerberg's largest donation to date. He pledged USD 100 million in Facebook stock to Newark, New Jersey, public schools in 2010, before his company went public earlier this year. Later in 2010, he joined Giving Pledge, an effort led by Microsoft founder Bill Gates and investor Warren Buffett to get the richest Americans to donate most of their wealth.

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