Facebook Stock Performance: There is no denying the fact that most have been disappointed with the performance of Facebook Inc (NASDAQ:FB) stock since the company went public in May. But does this mean you would give your shares away? Of course not – unless you are Mark Zuckerberg and money doesn’t matter.
Zuckerberg announced via a post on Facebook his decision to donate Facebook shares worth $500 million to the Silicon Valley Community Foundation.
As you can imagine, the gift is the largest the organization has ever received.
Here is Zuckerberg’s post in its entirety:
Two years ago, Priscilla and I signed The Giving Pledge, committing to donate the majority of the money we earn to charity. Our first major project has been around education reform with Startup: Education in Newark, NJ. I'm really proud of the work we've done there, helping leaders like Governor Chris Christie and Mayor Cory Booker sign the most progressive teachers contract in our country, opening four new district high schools, 11 new charter schools and more. Today, in order to lay the foundation for new projects, we've made a contribution of 18 million Facebook shares to the Silicon Valley Community Foundation. Together, we will look for areas in education and health to focus on next. I'm hopeful we'll be able to have as positive an impact in our next set of projects.
As noted in an article on CNN Money, the donation is worth approximately $498 million when calculating based on yesterday’s closing price of $27.71.
In the same article, Emmett Carson, CEO of the Silicon Valley Community Foundation was quoted as saying: