Photo: Wikimedia Commons
*Update: A person familiar with the situation says that the stock was exchanged for cash at the time of the donation. Too bad.Earlier: Newark Mayor Cory Booker is probably smiling right now.
Facebook CEO Mark Zuckerberg donated $100 million of his stock to the school system back when Facebook was worth $20 billion.
If Facebook IPOs at the anticipated $100 billion valuation, the public school system will get five times that amount, which means one of the country’s worst school systems may soon be $500 million richer.
The Wall Street Journal reported back in 2010:
Mr. Zuckerberg will fund for the foundation with his private stock in Facebook, and will arrange for a transaction on the secondary market for the foundation to turn the shares into cash as needed, said the person familiar with the discussions. The move will represent a relatively small dilution in his stake in the company, the person said.
It will barely make a dent Zuckerberg’s 28 per cent stake in the company, which makes him worth something like $25 billion.