AP Source: Facebook IPO Won’t Affect Newark Pledge
Facebook’s public stock offering apparently will not affect its company co-founder’s pledge of shares worth $100 million to the Newark, N.J., school system.
A person with direct knowledge of Mark Zuckerberg’s pledge said Thursday the gift did not specify a number of shares but was to total $100 million over five years, so it would not fluctuate because of a stock offering.
The person was not authorized to speak publicly about the donation and spoke on condition of anonymity.
The $100 million donation was announced on Oprah Winfrey’s talk show in September 2010.
On Wednesday, the social networking giant filed plans to go public in a stock offering that could value it at up to $100 billion.
(Copyright 2012 by The Associated Press. All Rights Reserved.)