Money Matters, Simplified.
Facebook’s Zuckerberg to donate $100mn to Newark schools
by Deepika Garg - September 23, 2010 - comments
Zuckerberg’s appearance Oprah is on the same day as the New York Film Festival premiere of ‘The Social Network.’
Facebook founder Mark Zuckerberg plans to provide $100 million for the improvement of the public school system in Newark, N.J, The New York Times reports. This first big act of public philanthropy from the Facebook CEO will be formally announced on ‘The Oprah Winfrey Show’ on Friday.
Zuckerberg’s donation is the first move towards a foundation intended to improve U.S. education.
Why Newark?
New Jersey Gov. Chris Christie and Newark Mayor Cory Booker will join Zuckerberg on the Oprah show.
“Looking forward to Oprah on Friday! Please tune in to learn more about what's going on in Newark,” Mayor Booker tweeted Wednesday night.
Though he does not have a direct connection with Newark area, Zuckerberg got involved in the project after he met Mayor Booker at a July conference, where the two sparked a continuing conversation about the city.
It is a troubled and crime-ridden area across the Hudson River from New York and Zuckerberg’s $100 million will be the largest gift to be ever received by the troubled school system.
As Zuckerberg makes his place among the world’s richest, it seems, he is also learning to adopt to their conduct.
Learning ‘The Rich’ ways
The Facebook CEO stands 35th in the recently-revealed Forbes’ list of wealthy Americans. With that big leap in his ranking. He has even surpassed Apple CEO Steve Jobs, who is placed 42nd on Forbes' list.
As Zuckerberg makes his place among the world’s richest, it seems, he is also learning to adopt to their conduct.
Such acts of philanthropy have been seen from the likes of Bill Gates and Warren Buffett, counted among the wealthiest Americans.
Zuckerberg still faces antagonism
Despite his benevolence, Zuckerberg, almost universally considered to be the world's youngest billionaire, faces some antagonism.
Critics have slammed the 26-year-old for the very “appropriate” timing of the announcement of his donation.
Zuckerberg’s appearance Oprah is on the same day as the New York Film Festival premiere of ‘The Social Network,’ the cinematic retelling of Facebook's early days, directed by David Fincher.
Facebook had previously expressed disapproval for the movie as it presents Zuckerberg in a rather unflattering role.
Also, the donation is being seen as a way to ward off any negative stigma, arising from Zuckerberg’s new position on the rich-list.
Whatever be his personal reason, Zuckerberg deserves some commendation for donating a significantly huge amount from his personal account for upgrading one of the country's worst school systems.
On being asked for comment, a Facebook spokesman told CNET, “We don't have anything to announce at this time.”