Mark Zuckerberg is looking to donate $1 billion to the Silicon Valley Community Foundation, a pledge he had made nearly three years ago. The young billionaire previously vowed to disburse more than half of his wealth to charity.
The Silicon Valley Community Foundation is an independent charitable organization that issues grants for diverse local development projects that were first established in 2007. The firm dispenses funds to nonprofit firms working in health, environmental conservation and education. The foundation works with over 125 corporations as well as 1,650 smaller charities.
Neither the founder of the Community Foundation, Emmet Carson, nor Mark Zuckerberg elaborated on the allocation of the donation. Carson stated that the cash would boost the living standards of people living in the community and elsewhere. The founder also said that Mark’s donation will inspire others to follow in his footsteps.
Zuckerberg is an associate of the Giving Pledge, an organization founded by Warren Buffet and Bill Gates. Members of this association promise to give half of their wealth to philanthropic efforts. A consultant to the foundation, Kirk Hanson, said that Zuckerberg needed guidance on how to be a professional philanthropist. She added that no humanitarian starts with knowledge and thus, they need to be aided in the formulation of a strategy that will enable them donate in the most effective ways possible.