Founder of the biggest social networking site Facebook, Mark Zuckerberg is about to donate $ 100 million to aid the poorest school system of Newark, New Jersey. The official news of Facebook founder donating the money to the Newark schools was first reported by the New York Times on Thursday, stating that the contribution made by Zuckerberg is the biggest charitable contribution made so far in the history of Facebook.
The Wall Street Journal has a different take on this issue. It reports that the Zuckerberg’s donation will be in the form of Facebook stock that can be sold on private exchanges and can be difficult to value as Facebook is not yet publicly traded but is planning to launch an IPO in the coming future.
The donation announcement; however, has cheered up the New Jersey state government officials as the state administration could now use this opportunity to improvise the educational standards of the system after missing the $ 400 million Fed education grant declared in the previous month due to the application filing error.
It’s quite interesting to note the coinciding events that have a common focus laid on key activities initiated by Facebook, which is on the expansion mode. Zuckerberg’s donation news came right before the release of a Hollywood film that has sketched a negative image of the Facebook founder. Around the same time, Forbes magazine published a list of the richest individuals in the USA, ranking Zuckerberg on the 35th position with a net worth of $ 6.0 billion.
Taking cues from these attention-grabbing developments, the analysts have decided to adopt a wait-and-watch policy while eyeing Facebook‘s moves at the same point of time.
Business Profile: Mark Zuckerberg
26 year old Mark Zuckerberg is considered as one of the most promising young entrepreneurs of the time. Zuckerberg was born and brought up in Westchester, New York. This self-made billionaire studied in Philips Exterior Academy, New Hampshire. After graduating in 2002, he chose to study science in Harvard but quit before acquiring a degree with an objective to make the famous ‘Facebook move’ in 2004.