Facebook’s Zuckerberg signs Giving Pledge; commits to give away majority of wealth

By on Dec 9, 2010 at 10:45 AM
Business December 9, 2010

The Wall Street Journal is reporting that Facebook founder and CEO, Mark Zuckerberg, has signed the Giving Pledge, committing to donate the majority of his fortune to charitable organizations. The Pledge, which asks its signers to give away the lion’s share of their wealth during their lifetime, was organized by Microsoft founder Bill Gates and Wall Street mogul Warren Buffet. Other notable signatories of the pact include: Oracle CEO Larry Ellison, New York mayor Michael Bloomberg, AOL co-founder Steve Case, and film director George Lucas.

Mr. Zuckerberg, who has been quoted as saying wealth is both an “advantage” and a “responsibility,” made his first sizable donation of $100 million to New Jersey’s Newark Public School system this past September. ”There’s so much that needs to be done, it would be better to start now,” said the CEO in a prepared video.

Although his company’s valuation is based on a future IPO, Mr. Zuckerberg’s net worth is estimated at $6.9 billion.

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  • mugabo

    MSM is stating 50%, which is not a majority (ABC News).

    • http://www.bgr.com Andrew Munchbach

      From The Pledge’s website:

      “The Giving Pledge is an effort to invite the wealthiest individuals and families in America to commit to giving the majority of their wealth to the philanthropic causes and charitable organizations of their choice …”

    • http://www.facebook.com/people/Matthew-Williams/713122739 Matthew Williams

      What a nice lady

  • http://www.twitter.com/noetic_hatter Noetic_Hatter

    I don’t trust anything he says or does.

    • http://twitter.com/playbooktabletz blackberryplaybook

      but you until use Facebook? :D ^_^

      • http://www.twitter.com/noetic_hatter Noetic_Hatter

        No, I don’t use facebook. I appreciate social media, but I feel like FB is a timesuck of the highest order. And that’s without all the privacy/data issues.

      • sirpaul

        What a joke. There are no issues unless you make them. And timesuck if you decide to use it that way. I like to look at pictures of some photographer friends, write the occasional wall post or message, communicate with my study group from school (share solutions, ask questions, etc.), use it to help plan events (or make it easier for others to plan them), distribute information quickly (ex. soccer canceled this week because _ _ _ _ _), and simply to find old friends. For example: after we moved to Canada from Romania my mom lost touch with one of her best friends…they moved to Austria and nobody we knew had their number, and we moved as well and they lost ours as well. They found us last year through facebook, and because of that I got to go visit Austria and many parts of Europe this summer.

        So Facebook, as with anything, can be a time-saver or a time-waster. It all depends how you use it.

      • http://www.twitter.com/noetic_hatter Noetic_Hatter

        “What a joke”? Defensive much?

        I am glad it’s worked out for you. I am telling you what I think of FB after a few years’ experience in my life. You don’t have to agree. But since blackberryplaybook said I use it, I felt compelled to clarify.

  • http://twitter.com/beenswank © b e e n s w a n k

    That’s a good look.

  • Anonymous

    Well… it’s not like he’s going to be eating Ramen with a net worth of $3.45 billion instead of $6.9 billion. Good on him, I say.

    • sirpaul

      The thing is people are addicted to basically collecting money. I’m glad he realizes that he can live well with just 3B. Actually, I’m sure he can leave a king-of-the-castle life with 1B no problem. I could live the rest of my life quite well with 5M actually :) Buy a house, car, etc…put the rest in savings. Maybe make some on-the-side money from hobbies. For fun :) Good life with no work…

  • http://twitter.com/kirkewilliams kirkewilliams

    What an idiot.

  • serpentor

    He’s pledging to give away money he doesn’t really have. Let’s see what he says when he’s really worth the $$$s they’re talking about.

    • Michael Scrip

      Exactly… I wanna know how much money he really makes and has.

      David Letterman makes $32 million a year. He actually gets paid in real money for doing his TV show. He gets a check or some kind of electronic funds transfer from CBS and his production company.

      Facebook is “worth” $50 billion… so Zuck is “worth” $6.9 billion. How much does Zuck get paid?

      • sirpaul

        If he sold all stock he’d have 6B. Steve jobs gets paid $1 a year i believe. Obviously he doesn’t life off that – he owns a big part of his company. When you are the founder of a company salary isn’t a big deal.

  • Anonymous

    Hah, what a huge mistake. Dude could have had 100 million ipads.

  • http://twitter.com/playbooktabletz blackberryplaybook

    Goodman and goodjob

  • Tb

    Well done Mark!! Still hate facebook but you are doing more than most of the negative people are doing! Kudos

  • wekebu

    Giving is the only reason I would want to be rich. Good job Mark. I don’t use Facebook regularly, but I respect Mark for this.

  • tluv00

    Anyone else hoping this turns out like “Scott’s Tots”? (The Office reference)

    • tluv00

      Dammit. Why does my picture keep showing up?

    • sirpaul

      Except Mark gave the money already, not promised to give it. Funny ref. though.

  • http://twitter.com/homescrub homescrub

    Fuck that. He should help build homes for the homeless. Give money to poor families who are struggling to survive, or help someone get bailed out of losing their home to foreclosures, and shit like that. Charities are just a way to derail certain things, and they hold on to funds until something huge happens.

    Common’ Mark. Think locally, fuck charities.

  • Ralph

    They’ll give it away on their deathbed. His money is mostly on paper anyway.

  • Jsantana0793

    There is a problem with this… Instead of giving away the money, why not create jobs in this country… I don’t get Warren Buffet, Bill Gate and Mark Zuckerberg. Am I wrong? Back in Reagan’s presidency, he said that the rich would create jobs for the middle class. Trickledown economics which today we know it was a fairy tale idea that most of many CEO bank their money or create businesses overseas. What’s up with the charitable contribution to the people of this country? Its okay for all of us to support their pockets, but it’s not okay for them not to share the wealth by creating jobs. Let’s see. Now he is going to take his money and ship it over to some other country while this country debate on whether people like them get a tax break or not. I might be a little bitter about the lack of investment these Billionaire CEO’s give to this country. Yet, our political leaders go to bat for them with tax cuts. Look, if it was not for us to support Facebook, Microsoft, Apple and all those companies. Where would these people be right now? We the middle class in this country made them who they are now… Where is the love back?

  • JR

    I think this is great but I don’t understand that all of these Billionaires giving money away to charities. While I definitely think it’s worth while, most charities are salivating because they get a HUGE percentage take of these types of donations. Why can’t they hire a bunch of people to just go out and find disadvantaged homes where the family and kids aren’t feed or need shelter, or what about those who can’t afford school and don’t get the scholarship. This is were the money should go, invest in our own people. Pay the debt of the small manufacturer in the U.S. that is just trying to stay afloat but needs help. We need businesses to stay alive and flourish in the US.
    It’s just so easy for these guys to give tons of money and call themselves philanthropist, sorry that is just too easy boys.

    Ok I’m off my soap box.

  • Eric

    I think this is commedable. I hope he remembers that charity starts at home. There are plenty of needy right here in the USA.

    • Anonymous

      When the world wakes up and realizes we are all human regardless of location and deserve the same basic human rights, people like you will stop seeing charity as something only for “your own people”

      • lurch

        Why not let other countries get their own billionaires to help them? Why would anybody spend money helping starving people in other countries, when people are starving in their own? You’re dumb.

      • Anonymous

        Really I’m dumb? Why don’t you go and ask Bill and Melinda Gates, better still visit their foundation website and educate yourself on where they spend their money. It maybe eye opening for you to know how well off you are while others in the world are not, good job they realize (like you do not) that all human life has value.

      • http://twitter.com/amuchmoreexotic Ben

        Yeah, why don’t all the Haitian billionaires club together to help Haiti?

      • http://twitter.com/amuchmoreexotic Ben

        Yeah, why don’t all the Haitian billionaires club together to help Haiti?

  • NotSoSlowFastWaitHuh

    I wouldn’t pledge that much of my wealth so early, especially if surety for it is mainly his Facebook ownership. He’s got new money that isn’t well diversified outside of the Facebook brand. Facebook’s netizenship could erode as quickly as MySpace’s did should a more creative site take a better approach. Diaspora and Twitter could eat away at it and the punk’s pledge of half his wealth could bite him in his bihtchass. Buffet and Gates have old money (REAL EQUITY) that’s well diversified, which make their pledges more realistic. Until Mark effectively signs over shares of Facebook to the causes he’s pledged to, his pledge is meaningless and gets him exactly what he wants: attention. Damn that ex-girlfriend is hurt his lil ego.

  • KCRic

    Maybe he should consider whitening his teeth before he gives away that money.

  • Anonymous

    didn’t he used to be a character on Sesame Street?

  • F-Apple

    Where’s Steve Snjobs on this? What does he ever give away?

  • Jsantana0793

    There is a problem with this… Instead of giving away the money, why not create jobs in this country aka, Katrina, just because the news is not covering it does not mean that everything is fine a dandy in New Orleans or what about that BP oil spill. I’m sure there still a lot to clean up. I don’t get Warren Buffet, Bill Gate and Mark Zuckerberg. Am I wrong? Back in Reagan’s presidency, he said that the rich would create jobs for the middle class. Trickledown economics which today we know it to be a fairy tale idea. Most CEO’s bank their money, buy tons of crap jsut to one up the next CEO or create businesses overseas. What’s up with the charitable contribution to the people of this country? We supported their pockets, but they seem to forget who put them there. Let’s see. I’m sure he is going to take his money and ship it over to some other country while this country debate on whether people like them get a tax break. I might be a little bitter. These CEO’s lack investmenting in this country. Yet, our political leaders seem to go to bat for them with tax cuts and give aways. Lets keep it real. WE!!! supported Facebook, Microsoft, Apple, Ebay and all those dot com companies. Where would these people be right now? Where is the love. Invest in our country. Stop with the charitable organizations. If you pledge to give the money away. Keep it here and invest dude. Mark Z. should do the right thing. Turn on the TV and watch the news. G4 says.. Wow, he’s a good guy to give him money to charity. To me, I think it’s a pretty dick move for any of those billionairs to not support building jobs in the US.. Havent we given enough. Like I said before. WE MADE THEM WEALTHY..

  • Anonymous

    I may come off as cold or harsh but what a waste. He should be investing the majority of his fortune into space technologies and getting as many people to live in space as possible. That will go alot farther in advancing humanity than anything else really.. that and donating money to scientific causes.

  • DeathStarKiller

    even if he gave away 12billion, he would make it back in 2 years. And does anyone else find it awfully suspicious that the billionaire founder of the worlds most powerful social media tool just happens to be Jewish? HMMMMMMMM……. never heard of a financially struggling Jew. Awfully suspicious.

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