Skip to comments.Facebook CEO Mark Zuckerberg donating $500 million in stock to Silicon Valley charity
Posted on 12/19/2012 10:00:49 AM PST by OKRA2012
SAN FRANCISCO Facebook CEO Mark Zuckerberg said he is donating nearly $500 million in stock to a Silicon Valley charity with the aim of funding health and education issues. Zuckerberg donated 18 million Facebook shares, valued at $498.8 million based on their Tuesday closing price. The beneficiary is the Silicon Valley Community Foundation, a nonprofit that works with donors to allocate their gifts. This is Zuckerberg's largest donation to date. He pledged $100 million in Facebook stock to Newark, N.J., public schools in 2010, before his company went public earlier this year. Later in 2010, he joined Giving Pledge, an effort led by Microsoft Corp. founder Bill Gates and Berkshire Hathaway Inc. CEO Warren Buffett to get the country's richest people to donate most of their wealth. His wife, Priscilla Chan, joined with him.
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“...a nonprofit that works with donors to allocate their gifts...”
Is it just me or does it sound like he gave his money to a charity that doesn’t actually do anything? I don’t like to be cynical, but I have to suspect that this is more about putting money into the pockets of the people who run this charity than about helping the needy.
Good for him!
How about donating the money to a church to be used to give people on welfare a real job?
$500mil could do some serious damage to their hypocracy
1) they will not be able to find enough people who want to work
2) the governent agency will not want to lose ‘customers’
>>I dont like to be cynical, but I have to suspect that this is more about putting money into the pockets of the people who run this charity than about helping the needy.
I like to be cynical (although I prefer the term ‘realistic’), and I suspect this is more about reducing his tax bill than helping the needy.
Why don’t you make tens of billions of dollars and donate 500 million yourself?
You may want to consider making a call to your stock broker and directing him to transfer a half billion of your stock holdings to the charity of your choice.
Gee...I wish I could donate umpty million shares of dubiously valued stock in a worthless company that perplexingly fuels the egos of countless idiot people wishing to broadcast their worthless lives and ideals to the rest of this worthless world.
I’d donate it at the inflate price it now stands, or purported to have stood, and I’d use it to offset the gains made on selling the rest of the worthless stock I tenuously hold.
Win, win people....eckspecially when Fuhrer Obama gets round to Butt Pirating all us rich people.
You should be a motivational speaker.
Note that Zuckerberg, who supports higher taxes, did not donate his money to the all-wise federal government, but instead chose some selfish, narrow-minded outlet for his charity.
Actually, this move does both. The monetary value of the stock he donated goes into "his account" and he will allocate it to charities over the next "x" number of years. Even if he were to go bankrupt, that money will be available for allocations to charity until it is gone.
So Zukerberg gets to write off the value of the shares at their current value before they go to zero. Did they sell the shares and get the cash?