The Chief Executive Officer of Facebook Inc. (NASDAQ:FB), Mark Zuckerberg is set to donate Silicon Valley Community Foundation approximately $500 million in shares of the world’s biggest social network.
Silicon Valley Community Foundation is a non-profit organization and in 2011 it has assets worth $2 billion. As per Zuckerberg, the donation by the CEO of Facebook Inc. (NASDAQ:FB) is to position a base for new projects. Two years back, Zuckerberg and his wife Priscilla signed a vow to commit the major part of their income to charities. Grants of the local needs and bringing collectively varied groups of issues and solvers are provided by the Silicon Valley Community Foundation. Corporate charitable funds and those of individuals are also managed by The Silicon Valley Community Foundation.
The munificent donation by Zuckerberg will bring about a positive change in the lives of the people and is an inspiration to others to give back and attempt to mould the world to be a better place to live. He CEO of Silicon Valley Community Foundation Emmett Carson expressed that it is pleasing for the company that Zuckerberg continues its partnership with it.
The first donation by the couple was implemented to reform education in Newark, New Jersey. This initiative was put to effect with the Startup: Education group. The gift of $100 was spent on new contract by teachers, eleven charter schools and four district high schools opening.
The value of the assets of Zuckerberg is approximately $14.1 billion. This puts him at 59th rank in the list of world’s richest man.
Shares of Facebook Inc. (NASDAQ:FB) were down by 1.08% to close at $27.41
