The Facebook IPO may have been one of the big financial fiascos of the year, but Mark Zuckerberg, the company's 28-year-old CEO, is still flush with cash.
The social networking king and his wife Priscilla Chen are donating $500 million to a Silicon Valley charity in their biggest charitable contribution to date, Zuckerberg announced on his Facebook page late Tuesday.
Zuckerberg said the donation of 18 million Facebook shares to the Silicon Valley Community Foundation would be devoted to education and health projects.
The young tech mogul donated $100 million to public schools in Newark, New Jersey in 2010 before joining the Giving Pledge, a project led by Microsoft founder Bill Gates and star investor Warren Buffet in which billionaires pledged to give most of their money to charity.
Zuckerberg said his Newark donation had facilitated the opening of 15 new schools and "the most progressive teachers contract in the country.
"Today, in order to lay the foundation for new projects, we've made a contribution of 18 million Facebook shares to the Silicon Valley Community Foundation," Zuckerberg said. "Together, we will look for areas in education and health to focus on next. I'm hopeful we'll be able to have as positive an impact in our next set of projects."
Prior to the latest donation, Zuckerberg owned 28.1 percent of Facebook, which gave him a net worth of some $16.8 billion.
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