Mark Zuckerberg to give $100 million to Newark schools
By Lindsay CutlerSeptember 23rd, 2010, 5:35 pmComments (4)
Coinciding with Zuckerberg’s many recent public flubs, including Facebook privacy violations, unflattering magazine profiles and most recently, the forthcoming Social Network movie about the 26-year-old CEO's rise to wealth, Zuckerberg will donate $100 million to Newark’s inner-city public schools. (Whatever motivates your sense of charity, it’s all good to me.)
Zuckerberg will announce the gift tomorrow on Oprah. Newark Mayor Cory Booker and New Jersey Governor Chris Christie are understandably thrilled about the contribution. Newark might really be a better place in ten years thanks to this enormous donation. Who knows -- one day your kids may fly into "Zuckerberg International Airport."
Commentarium (4 Comments)
Does this mean Booker doesn't have to play midnight basketball anymore?
Read the Fine Print.
$100M equiv value in stock. That's private stock, as Zuck has said no-way-mon to an IPO. So, what's it worth?
When you discount the paper (someone has to buy it, and not a bank) to convert it into cash, who's really paying $100M for it?
AND, no one has asked if this is Zuck's private stash of stock paper, or if it's corporate paper (everyone dilutes)?
Hey, anything helps.
But, let's have some perspective.
What will happen is the New Jersey will slowly defund public education to bring budgets back down to the original level, with Zuckerberg's donation factored in. That's what Calfiornia did with the money they got from the State Lottery.
I bet it won't make any difference. No matter how much money you throw at schools, you can't make a bunch of poor, unmotivated and indifferent kids want to learn.