Facebook News Update 2014: Facebook CEO Mark Zuckerberg and Priscilla Chan, his wife, may be among the richest people in the world but at the moment they've stayed away from buying mega yachts, desert islands and other symbols of the ultra-rich.
According to a Facebook filing this week, as reported in Yahoo, 'Zuckerberg pulled the trigger on some 60 million shares worth of options at the end of last year, netting a profit of about $3.3 billion. He immediately turned around and sold more than 41 million shares while turning over 18 million, worth almost $1 billion at the time, to his favorite charity, the Silicon Valley Community Foundation.
The Zuckerbergs own two pieces of property in the Bay area. They paid $7 million in 2011 for a beautiful 5,000-square-foot house in the Crescent Park neighborhood of Palo Alto, the same area where Steve Jobs once lived.'
The couple bought four surrounding properties for another $30 million over the next two years, but that is not intended to build a big compound, or even moving their current neighbors a bit. Report says that the move was made to impede developers who wanted to buy some of the next door houses making proximity with the Zuckerbergs part of the perks. After buying the surrounding homes, Zuckerberg rented them back to the residents.
The couple also paid $10 million for a San Francisco house in the Noe Valley neighborhood. It's undergoing a massive renovation.
Facebook grants a jet for the Zuckerberg and he's not known to have purchased a big boat, fancy cars or any fancy toys for the rich. Zuckerberg, along with other celebrities including Martha Stewart and private equity titan Henry Kravis, reportedly attended the gigantic modern art showcase Art Basel in Miami in December. Works from artists ranging from Pablo Picasso to Andy Warhol as well as Mr. Hirst attracted some 75,000 visitors but there were no reports that the FB CEO bought any
In 2010, Zuckerberg pledged to give away half or more of his wealth when he signed the Giving Pledge, an effort by fellow billionaires Bill Gates and Warren Buffett to get the 1% more active in philanthropy.
He also promised $100 million in 2010 to help the ailing public schools of Newark, New Jersey. According to recent statements by the Foundation for Newark's Future, the nonprofit that oversees the money, about $80 million has been spent so far.,
He's also given 36 million shares to the Silicon Valley Community Foundation over the past two years. The Zuckerbergs' help build a new health facility in East Palo Alto, aiding a low income area short on healthcare facilities by giving $5 million in January.
These are just some of the recorded charitable giving of the Zuckerbergs. The couple could have given to some other causes anonymously.
Yahoo reported that 'Zuckerberg has also joined his fellow Silicon Valley billionaire buddies by investing in emerging companies, sometimes via his school-improvement effort called Startup: Education. Backed with a $100 million donation from Zuckerberg, the effort last year invested in Panorama Education, a Massachusetts-based startup analyzing survey data from teachers, parents and students to advance schools. Yale University and Google's VC unit have also invested.'
