Facebook founder and CEO Mark Zuckerberg has donated nearly $500-million worth of stock in the company to the Silicon Valley Community Foundation, the San Jose Mercury News and the Los Angeles Times report.
Announcing the pledge Tuesday on his Facebook page, the 28-year-old billionaire said he and his wife, Priscilla, would partner with the foundation "to look for areas in education and health to focus on next." Mr. Zuckerberg worked with the Mountain View, Calif.-based charity in administering his $100-million 2010 gift to the Newark, N.J., school system.
The 18 million shares of donated Facebook stock were valued at $498.8-million at the close of trading Tuesday, more than four times the total of the foundation's grants last year. The commitment is the second-largest made this year, topped only by Warren Buffett's donation of $2-billion to the foundations led by his three children.
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