Updated 23 May, 2013, 7:47 pm IST
Facebook Inc Chief Executive Mark Zuckerberg is donating half a billion dollars in Facebook stock to a Silicon Valley charity, his second major donation since committing to giving away most of his wealth.
Half a billion dollars in stocks goes to charity
The gifts are part of Zuckerberg's involvement in The Giving Pledge. Launched by Microsoft founder Bill Gates and investor Warren Buffett in 2010, the group asks U.S. billionaires to give away at least half their wealth during their lifetime or after their death and to publicly state their intention with a letter explaining their decision.
Zuckerberg said on Tuesday that he made a contribution of 18 million Facebook shares to the Silicon Valley Community Foundation to "lay the foundation for new projects."
At Tuesday's closing price of $27.71 per Facebook share, the gift translates to $498.8 million.
Zuckerberg founded Facebook in his Harvard dorm room in 2004, turning it into the world's most popular online social network with roughly 1 billion users. With its high-profile initial public offering in May, Facebook became the first U.S. technology company to debut with a $100 billion-plus valuation, though questions about its long-term money-making prospects have pressured share prices.
Tags: Mark Zuckerberg , Facebook , Facebook CEO , Facebook Mark Zuckerberg , Mark Zuckerberg Charity , Facebook Charity , Facebook CEO Mark Zuckerberg , Social Networking , Silicon Valley , Facebook Stock , Silicon Valley Charity , Silicon Valley Facebook
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