Facebook co-founder Mark Zuckerberg and his wife, Priscilla Chan, have announced a donation of eighteen million shares of Facebook stock — worth an estimated $500 million — to the Silicon Valley Community Foundation in support of education and health projects.
Announced by Zuckerberg on Facebook, the donation comes two years after the 28-year-old multibillionaire asked SVCF to administer a grant of $100 million over five years to help improve public schools in Newark, New Jersey. "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, eleven new charter schools, and more," Zuckerberg wrote.
The foundation, which told the Mercury News it awarded some $123 million last year to nonprofit organizations in the Bay Area and around the world, manages about sixteen hundred philanthropic funds. The funds from Zuckerberg, who still owns approximately $11 billion of Facebook stock, most likely will be distributed over several years, the Mercury News reports.
"Today, in order to lay the foundation for new projects, we've made a contribution of eighteen million Facebook shares to the Silicon Valley Community Foundation," said Zuckerberg. "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."