Boston, MA 06/02/2014 (wallstreetpr) – Facebook Inc (NASDAQ:FB) Chief Mark Zuckerberg has looked to Bay Area for his philanthropic activities. The billionaire founder of the world’s most famous social networking company offered to donate $120 million to support schools in the low-income Bay Area communities.
Although the billionaire has made donations to the Bay Area communities in the past, his latest donation pledge for the local community becomes the biggest donation to be announced publicly.
According to Mr. Zuckerberge, Bay Area deserves support from the successful companies in the community and Facebook just saw an opportunity to do what it believes should be done to support education in the community.
Mr. Zuckerberg and his wife Priscilla Chan emerged among the biggest donors in the U.S. in 2013.
A good name is big business
The philanthropic activities of Facebook Inc (NASDAQ:FB)’s CEO have many benefits for the company. In the competitive business environment of today, a good name can make the difference between a successful business and a failing one. Charitable activities have seen the company become the big talk and the more people talk about the company positively, the better for the business.
In addition to charitable activities, Facebook has also entered into agreements with various telecommunications providers to increase Internet access and social networking activities in underserved markets. Such collaborations have paid off as the company has been able to add more members to its platform.
Race for ad revenue
Facebook Inc (NASDAQ:FB) competes for the advertisement revenue with Google Inc (NASDAQ:GOOG), Twitter Inc (NYSE:TWTR) and many other online social networking providers. In order for the company to keep attracting big ad payers it needs to have a bigger user-base.
The efforts to attract more users to Facebook have seen the company introduce more features to the platform while making sign-up easier for new members.
When it emerged that the company was facing a threat of teen exit from its main platform, Facebook acquired Instagram and recently WhatsApp in efforts to attract and retain young users that it considers the future of its business.
