Facebook founder gifts $100 mn to school | india | Hindustan Times
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Facebook founder gifts $100 mn to school

Facebook chief executive Mark Zuckerberg is donating 100 million dollars the troubled public school system in Newark. The gift would be the first installment in an education endowment to be started by Zuckerberg.

india Updated: Sep 23, 2010 17:31 IST

Facebook founder and chief executive Mark Zuckerberg has agreed to donate 100 million dollars to the troubled public school system in Newark, New Jersey, the New York Times reported Thursday.

The donation was to be announced on the Oprah Winfrey television show, the report said.

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

It would be by far the largest publicly known gift by Zuckerberg, whose fortune was estimated last year by Forbes magazine at two billion dollars.

ZuckerbergThe gift is many times larger than any the system has received before, and amounts to one-eighth of the 800 million dollar annual operating budget.

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

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

The report said Zuckerberg has no connection to Newark, but in July he and Booker met at a conference and began a conversation about the mayor's plans for the city.