Facebook CEO Christmas Gift Benefits Charity With $500 Million Worth Of Stocks
By VALLI MEENAKSHI RAMANATHAN | December 21, 2012 12:31 AM EST
Facebook (Nasdaq: FB) CEO Mark Zuckerberg has done it again! Zuckerberg has donated liberally to a charity in Silicon Valley with a view to address health and education issues plaguing the charity beneficiaries.
Zuckerberg has parted with 18 million Facebook shares valued at $498.8 million based on Dec. 18 closing price the Associated Press has reported.
Silicon Valley Community Foundation is the recipient of this benevolent dole out. A not for profit organization, the charity helps donors identify and manage charitable funds in sync with their philanthropic passions. And the current charity donation is identified to be Zuckerberg's biggest donation to date.
Besides, it also appears to be the biggest donation made by Facebook after its IPO in May 2012. Prior to the IPO, Facebook pledged $100 million in Facebook stock to Newark and New Jersey public schools in 2010.
This apart, in 2010, Zuckerberg and his wife Priscilla Chan joined the Giving Pledge initiative led by Microsoft Corp. founder Bill Gates and Berkshire Hathaway Inc. CEO Warren Buffett that attempts to urge all the rich donators to part with their wealth.
In a facebook posting Tuesday, Zuckerberg noted how he and his wife donated 18 million Facebook shares to the Foundation adding: "Together, we will look for areas in education and health to focus on next. I'm hopeful we'll be able to have as positive an impact in our next set of projects."
Appreciating Zuckerberg's generous gesture, Emmett D Carson, chief executive office of the foundation stated: "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."
Reminiscing with pride the work done with Startup: Education in Newark, NJ., Zuckerberg wrote on the facebook post: "I'm really proud of the work we've done there, helping leaders like Governor Chris Christie and Mayor Cory Booker sign the most progressive teachers contract in our country, opening four new district high schools, 11 new charter schools and more."
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