Zuckerberg Donates Facebook Stock Worth Nearly $500 Million
Facebook co-founder and CEO Mark Zuckerberg has taken holiday giving to another level. On Tuesday, the 28-year-old technology titan announced that he had given 18 million Facebook shares -- or $498.78 million worth at yesterday's closing price -- to the Silicon Valley Community Foundation. More than 191,000 Facebook users had "liked" his announcement by 12:30 p.m. Wednesday.
According to its website, the foundation "advances innovative philanthropic solutions to challenging problems" and has championed causes ranging from education reform to social equity to environmental awareness.
This is not Zuckerberg's first act of philanthropy. Two years ago he committed to The Giving Pledge, a movement spearheaded by Warren Buffett and Bill Gates to get the country's wealthiest people "to give the majority of their wealth to philanthropy." In 2010, Zuckerberg gave $100 million to launch the nonprofit Startup: Education, with the goal of improving Newark, N.J.'s public schools.
In a Facebook post on Tuesday announcing his most recent charitable contribution, the young billionaire also reflected on the progress Startup: Education has made. He said he was "really proud of the work we've done there," lauding what he called "the most progressive teachers contract in our country."
The article Zuckerberg Donates Facebook Stock Worth Nearly $500 Million originally appeared on Fool.com.John Divine has no positions in the stocks mentioned above. You can follow him on Twitter @divinebizkid and on Motley Fool CAPS @TMFDivine.The Motley Fool owns shares of Facebook and has the following options: long JAN 2014 $20.00 calls on Facebook. Motley Fool newsletter services recommend Facebook. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.