Andre Yoskowitz
22 Sep 2010 23:58
According to the NYTimes, Facebook CEO Mark Zuckerberg will donate $100 million dollars to the Newark, New Jersey public school system, which has long been underfunded.
The donation will be made official on an upcoming Oprah Winfrey show.
Furthermore, the gift would be the first "installment in an education endowment" to be started by the world's youngest multi-billionaire.
While he is currently not worth much, when Facebook eventually goes public Zuckerberg's fortune has been estimated at between $5 - $7 billion.
Currently, the Newark schools have an $800 million annual operating budget, so Zuckerberg's gift is more than significant.
The only condition of the gift is that the state give back "some" control of the city's school system to mayor Cory Booker.