Mark Zuckerberg, the founder of the famous social network Facebook, has decided to give back to the community. The CEO announced on Tuesday that he will donate $500 million in stock to a Silicon Valley charity that funds health and education endeavors, Reuters reports.
The 28-year-old CEO is a strong supporter of health and education campaigns, which is why he has decided to donate 18 million Facebook shares estimated at $498.8 million to the Silicon Valley Community Foundation. The non-profit organization will use the funds to build school institutions and perform scientific researchers in the medical field.
This is not the first time the CEO gets involved in a philanthropic campaign. He also donated $100 million in Facebook stock to several public schools in Newark and New Jersey in 2010. Later on, he joined Bill Gates, the founder of Microsoft Corp. and Warren Buffett, the CEO of Berkshire Hathaway Inc. in their mission to determine as many rich people as possible to donate for social campaigns. Their organization is called Giving Pledge and is mainly constituted of some of the wealthiest businessmen in America. Zuckerberg’s wife, Priscilla Chan, also joined the non-profit because she was interested in the cause of the organization.
Zuckerberg’s decision to donate was officially announced through a Facebook post published on Tuesday. He further mentioned some of the achievements that have been made with the help of his Newark donation, such as the “Startup: Education” campaign which led to the launching of many charter school, high schools and other similar institutions dedicated to the improvement of the education.
The Facebook post did not provide other details in relation to the causes that the 28-year-old CEO plans to enact. He only stated that the $500 million-worth shares that have been donated will be used to support initiatives in the education and health systems. The CEO of the Foundation, Emmett D. Carson, praised Mark Zuckerberg’s philanthropic act as it will “inspire others in Silicon Valley and around the globe to give back and make the world a better place”.