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Zuckerberg donates $500 million to local foundation

Original post made on Dec 19, 2012

Facebook CEO Mark Zuckerberg announced Tuesday that he is giving nearly $500 million in Facebook stock to the Silicon Valley Community Foundation -- its largest donation ever.

Read the full story here Web Link posted Tuesday, December 18, 2012, 11:45 PM

Comments (16)

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Posted by Neighbor
a resident of Duveneck/St. Francis
on Dec 19, 2012 at 10:49 am

Thank you, Mark and Priscilla, for setting a good example for others!


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Posted by CrescentParkResident
a resident of Crescent Park
on Dec 19, 2012 at 10:51 am

I only hope that the charity doesn't go on a spree to give the executives and staff raises. A lot of non-profits spend too much on compensation.


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Posted by TipAndRing
a resident of Crescent Park
on Dec 19, 2012 at 11:05 am

CrescentParkResident,

Are you always a wet blanket?


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Posted by Matt
a resident of Duveneck/St. Francis
on Dec 19, 2012 at 11:27 am

CrescentParkResident, do you have any data for that? Or are you just taking a few widely reported abuses and tarring a whole category. I am on the board of three local non-profits in the area and know many others. The staffs are not well paid at all. They do it out of dedication to the mission. Cheap shots like yours don't help. If you have data, use it. Otherwise ask yourself if you are really doing any good.
Well done Mark and Priscilla.


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Posted by Ronald L.
a resident of Downtown North
on Dec 19, 2012 at 11:55 am

and thank you for not creating "Zuckerberg Towers" at 27 University.


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Posted by Sarah
a resident of Old Palo Alto
on Dec 19, 2012 at 12:08 pm

What a wonderful thing to do! Thank you both for your efforts and
your money and your effort to try to build up others so they thrive and contribute to our society in a positive fashion.
We need more absurdly wealthy people to do the same!


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Posted by Anonymous
a resident of Stanford
on Dec 19, 2012 at 12:12 pm

[Post removed by Palo Alto Online staff.]


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Posted by question
a resident of Palo Alto High School
on Dec 19, 2012 at 1:22 pm

Question: can the foundation cash out of the stock holding now and get the cash to be in a position to make huge grants- or are they required to hang onto the stock?


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Posted by Huh?
a resident of Another Palo Alto neighborhood
on Dec 19, 2012 at 2:36 pm

"The Mountain View-based foundation funds a wide range of nonprofits and charities and declined to say how the money might be spent."

Sounds vague to me. Their website has a lot of stuff about how to donate money. What they do with it is anyone's guess...


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Posted by musical
a resident of Palo Verde
on Dec 19, 2012 at 3:48 pm

I hadn't been aware of the Silicon Valley Community Foundation until now. Looks like a good solution for people (or corporations) who have more money than they know what to do with. Meaning most of us can donate $100 here and $100 there hoping it is spent effectively. But if we had serious life-changing money to spare, then we might want some guidance and professional vetting of the recipient charities or causes.

And this kind of money is not handed out all at once. It is invested with the intention that the earnings and part of the principal gets donated each year for the life of the endowment which could be perpetual. I presume the Foundation will sell the Facebook shares in an orderly fashion and add the funds to its present $2 billion managed portfolio. Zuck can direct where his share of the donations go each year or leave it up to a committee. I trust that somebody will correct me here if I've oversimplified or am all wet.

Learn about the Silicon Valley Community Foundation at Web Link

Says their endowment has been earning 12% annually over the past 3 years. They made over 10,000 grants in 2011 totaling almost a quarter billion. I perused the list and found big dollars to such as the Red Cross, Stanford, Johns Hopkins, Khan Academy, Lucile Packard Foundation, several environmental organizations, Second Harvest, Boys & Girls Clubs, and on and on. And internationally to dozens of other countries.


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Posted by Sharon
a resident of Midtown
on Dec 19, 2012 at 4:07 pm

Thank you for being such generous mensches with your mulitple Chai donation.


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Posted by Resident
a resident of Green Acres
on Dec 19, 2012 at 10:23 pm

What a great thing to do Mark and P. Many thanks for leading by example.


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Posted by Mom
a resident of Green Acres
on Dec 20, 2012 at 11:14 am

Thank you, Mark and Priscilla, we feel blessed that you are a part of the community. Silicon Valley Community Foundation will I'm sure do great things with your gift!


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Posted by SuperD
a resident of Community Center
on Dec 20, 2012 at 11:40 am

Thanks Zuck!


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Posted by Nayeli
a resident of Midtown
on Dec 21, 2012 at 10:08 am

This is fantastic news! Kudos to Mark and Priscilla for doing this!


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Posted by Anonymous
a resident of Another Palo Alto neighborhood
on Dec 21, 2012 at 6:27 pm

Now ask Zuck to reign in in his sister's reality show on TV


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