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July 31, 2015

Paulsons Give $8.5 Million to Expand Charter-School Network

The charter school network Success Academy received an $8.5 million gift from hedge fund manager John Paulson and his wife Jenny, The New York Times reports.

The gift is intended to add schools to the fast-growing network, which will count 34 schools in the fall. It will also put pressure on New York City mayor Bill de Blasio's administration, which, though critical of charter schools, may have to find space for the new schools or help with their rent, thanks to a state law.

Mr. Paulson drew attention earlier this year for his $400 million contribution to Harvard's School of Engineering and Applied Sciences. Critics questioned why Mr. Paulson gave so much to his alma mater, as opposed to other, needier institutions.