Julie Jacobson, Associated Press
MENLO PARK, Calif. — Facebook CEO Mark Zuckerberg and his wife, Priscilla Chan, are donating $120 million to the San Francisco Bay Area's public school system.
The couple's gift will be spread over the next five years and is the biggest allocation to date of the $1.1 billion in Facebook stock the couple pledged last year to the nonprofit Silicon Valley Community Foundation.
"Education is incredibly expensive and this is a drop in the bucket. What we are trying to do is catalyze change by exploring and promoting the development of new interventions and new models," Chan said in an interview Thursday at Facebook's Menlo Park, California, headquarters.
The first $5 million will go to school districts in San Francisco, Ravenswood and Redwood City and will focus on principal training, classroom technology and helping students transition from the 8th to the 9th grade. The couple and their foundation, called Startup: Education, determined the issues of most urgent need based on discussions with school administrators and local leaders.
Zuckerberg and Chan, a pediatrician, discussed the donation in an exclusive interview with the Associated Press. It was Chan's first significant step into the public spotlight and the couple's premier interview together. The two met while studying at Harvard and married in their Palo Alto backyard on May 19, 2012 — the day after Facebook's stock began publicly trading in a rocky initial public offering that now seems a distant memory. In 2010, they joined Giving Pledge, an effort led by Microsoft founder Bill Gates and Berkshire Hathaway CEO Warren Buffett to get the country's richest people to donate most of their wealth.
"I'm really focused on connecting the world. That's my main thing, and you're primarily focused on children," said Zuckerberg, turning to Chan. "And we're able to do some of this work together, which is neat...There are interesting overlaps."
Chan, 29, and Zuckerberg, 30, have made philanthropy a central theme of their life together. The two made the largest charitable gift on record for 2013. That $1.1 billion donation was on top of another $500 million the couple gave a year earlier to the Silicon Valley foundation, which helps donors allocate their gifts.
"I just think that philanthropy is a fancy way to say that you care about others and that you want to serve others. And that's been a part of me for as long as I can remember," said Chan, fresh from a pediatrics residency shift at the University of California, San Francisco medical center, where she works primarily with underserved, immigrant families. "(We) have this amazing opportunity it's really important to me that we use this opportunity to continue to give back and create even more change to affect other people's lives."
Last year, Zuckerberg was No. 21 on the Forbes list of the world's richest people, right behind Amazon's Jeff Bezos and ahead of well-known billionaires such as activist investor Carl Icahn and philanthropist George Soros. He owns Facebook stock worth over $27 billion. In 2013, as the median yearly pay for U.S. CEOs crossed the $10 million mark amid a widening income gap, Zuckerberg took a symbolic annual salary of $1.
Though it's been long in the works, the latest gift comes at a time when critics are still questioning what became of Zuckerberg's $100 million donation to Newark, New Jersey's public school system. Four years ago, he announced the donation flanked by then-mayor Cory Booker and New Jersey Gov. Chris Christie. A recent New Yorker article criticizes the donation and the chain of events it set in motion. While well-intentioned, the money has so far failed to fix the city's ailing school system. The process lacked meaningful community input and much of the money has been spent on high-paid contractors and consultants. Four years later, the money is nearly gone and a lot of people are angry. The story's most poignant quote is from Vivian Cox Fraser, president of the Urban League of Essex County, who says "Everybody's getting paid, but Raheem still can't read."
- Feds call for judge to disband police in...
- Malia Obama to enter Harvard in 2017 after...
- Did woman sway boy to kill his dad? Court...
- US once again forced to turn to Russia for...
- South Africa: Rescued lions explore new home...
- Man abandoned 30 years ago tries to find his...
- Monkey bars alert: Playground concussions are...
- Confident Trump seeks knockout of Cruz in...
- Thousands threaten to boycott Target... 90
- Former Speaker Boehner calls Cruz... 56
- Cruz taps Fiorina to serve as running mate 40
- Violence follows California Trump... 35
- ... 35
- Kasich calls for balance on gay rights,... 23
- Oakland Raiders owner says he will... 20
- Rowdy Trump protests portend explosive... 19