September 23, 2010

Zuckerberg Reportedly Giving $100 Million To New Jersey School

The New York Times reports that Facebook founder Mark Zuckerberg is planning on donating $100 million to the public school system in Newark, New Jersey.

The report said that the donation would be announced on the Oprah Winfrey television show on Friday.

According to the Times, the gift would be the first installment in an education endowment to be started by Zuckerberg.

The gift would be larger than any the system has received before, and amounts to one-eight of the $800 million annual operating budget.

It is not quite clear how the money would be used, or over what period of time.

The Times reports that the gift would be made with the condition of giving back control of the school system to the mayor of the city, Cory Booker.  The state currently runs the system in the troubled city.

The chief executive of the world's most popular social network has no connection to Newark reportedly, but in July he and Booker met at a conference and began a conversation about the mayor's plans for the city.

Zuckerberg's act of public generosity would come a week ahead of the October 1st release of "The Social Network" film.

Facebook and Zuckerberg have not sanctioned the film, which is based on the book "The Accidental Billionaires."

"The movie might be a sign that Facebook has become meaningful to people -- even if the movie is fiction," the Palo Alto, California-based company said in response to an AFP query.

"What the movie may or may not contain is not what we're focused on. What matters more is building a useful, innovative service that people enjoy using to connect and share."


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