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Zuckerberg donates $100 million to Newark schools; surpasses Steve Jobs on Forbes' rich list

Cory Booker
Newark Mayor Cory Booker on July 1, 2006. (Emile Wamsteker/Bloomberg News)

Update, 2:50 p.m.
One of the topic editors at The Post, Scott Butterworth, pointed out that the donation will be made as $100 million of Facebook stock. And that number is a guesstimate on Facebook's part: No one is saying yet how many shares will go into Zuckerberg's new foundation, and since Facebook's shares are not publicly traded, it's impossible to put an independently determined value on the gift.

7:12 a.m.
Newark Mayor Cory Booker made a really good friend at Facebook.

Booker and Facebook CEO Mark Zuckerberg met at a news conference in July. Less than three months later, the New York Times and Wall Street Journal report that Zuckerberg will be donating $100 million to the Newark school system.

The donation is the first of what will likely be an education foundation set up by the Facebook founder.

The money may be matched by money from private foundations that Booker has been working to raise. The combined $200 million dollars would amount to 20 percent of Newark's budget of $940 million.

The Newark school system has been in such decline that the state wrested control of it from the Newark government in 1995 and declared the school system a failure. The current New Jersey governor, Chris Christie, will not give control of the school system back to Newark, but will likely appoint Booker to a major role in the rejuvenation of the system.

Booker made national headlines early this month for his connection to another celebrity: He chastised Snooki of Jersey Shore fame for texting while driving in Newark traffic.

Mark Zuckerberg
Facebook.com founder Mark Zuckerberg in 2007 at Facebook headquarters in Palo Alto, Calif. (AP Photo/Paul Sakuma)

This is not Zuckerberg's first donation, but it is his most public and his largest. Zuckerberg should not have too much trouble coming up with the cash. Zuckerberg surpassed Steve Jobs on the Forbes 400 list of wealthiest Americans. Forbes reports Zuckerberg has an estimated $6.9 billion in net worth. Puts that $100 million in perspective a little.

The men, along with Governor Christie, likely will announce the gift on Friday's "Oprah Winfrey Show." The news will come a week before the highly anticipated "Social Network" movie that reportedly paints Zuckerberg in a not-so-charitable light.

(Full disclosure note: The Washington Post Co. chairman and chief executive Donald E. Graham is on Facebook's board of directors, and the newspaper and many Post staffers use Facebook for marketing purposes.)

By Melissa Bell  | September 23, 2010; 2:50 AM ET
Categories:  The Daily Catch  
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Comments

This certainly confirms in my mind that a certain little Chancellor has already accepted the job there.

Posted by: CultureClub | September 23, 2010 9:06 AM | Report abuse

The Facebook creator has no ties to Newark, but does know the name, favorite movies, and status of every Newark resident.

Tom from MySpace made an educational gift as well. However, given the state of MySpace, Tom was only able to donate $5 to Hooked-on-Phonics.

http://www.onelineheadline.com

Posted by: marblenc | September 23, 2010 10:07 AM | Report abuse

Zuckerberg,

if you want to make the most impaact,see to it that your money goes for public school children, not fly by night charter schools and upstart private managers (in the name of "choice." )You have the opportunity to distinuish yourself from Gates, whose money is way too conditonal. Gates is ALL about privatizing and union busting,which has not played well in educational circles.

Posted by: Onpoint3 | September 23, 2010 11:37 AM | Report abuse

Zuckerberg,

if you want to make the most impact,see to it that your money goes for public school children,not fly by night charter schools and upstart private managers (in the name of "choice." )You have the opportunity to distinuish yourself from Gates, whose money is way too conditonal. Gates is ALL about privatizing and union busting,which has not played well in educational circles.

Posted by: Onpoint3 | September 23, 2010 11:41 AM | Report abuse

Good! Let's see if the money does any good within five years time.

Posted by: etronsen | September 23, 2010 12:02 PM | Report abuse

CultureClub, I doubt Rhee wants to work for Governor Christie who has made it abundantly clear that the state is not giving up control of Newark's school system.

Posted by: forgetthis | September 23, 2010 12:11 PM | Report abuse

Oh, and the guy who plays Mark Zuckerberg in "The Social Network" is way hotter than the real Mark Zuckerberg. FYI.

Posted by: forgetthis | September 23, 2010 12:19 PM | Report abuse

From reading all these posts I have come to this conclusion. You southern folks are morons and fools. I am from New Jersey – and we in New Jersey don’t have all the little petty racist hang-ups that southerners do.

In Newark White, Brown and Black folks LOVE Cory Booker. They even loved him more after he told President Obama to take his job offer and stick it. He’s the real deal, not some sellout. The politics of racism just doesn’t get that kind of traction amongst those with teeth and a education.

Posted by: question-guy | September 23, 2010 12:45 PM | Report abuse

question-guy seems like the biggest racist on this board so far.

Posted by: crazydude | September 23, 2010 12:55 PM | Report abuse


That is fantastic. The savior of this country is a better and more level education for everyone. Can't believe MZ is worth $6+B but is wearing a hoodie in the picture. Love that.

But I do have concerns about the squandering of these funds to companies that come in with a big plan, poorly manage it, end up with little or no positive impact, all while eating up the funds. That story is WAAAAAY too common.

Posted by: overdrive_68 | September 23, 2010 12:56 PM | Report abuse

Newark? What a massive waste of cash.

Posted by: getjiggly1 | September 23, 2010 1:09 PM | Report abuse

No one even mentioned race until question-guy and his paranoia showed up.

Posted by: forgetthis | September 23, 2010 1:31 PM | Report abuse

WOW.. Look at the New Jersey Teachers Union scavengers hit that 100 mil caucus like a pack of scavengers.

Posted by: genbarlow | September 23, 2010 1:50 PM | Report abuse

I'd like to know more about Booker and his connections with the "reform" movement. If Booker is really big on charter schools, what will that mean for us true public school advocates? I'm worried about everything being about who gives how much to whom, and will this be the new formula to fund edcuation? Maybe Oprah knows... @@

Posted by: Onpoint3 | September 23, 2010 2:34 PM | Report abuse

With so many people out of work I wonder why the Forbes list is such a big hit today with the media? I find it all very distasteful ,but given that Gates is top dog, should we be expecting more money to go to select schools?

Posted by: Onpoint3 | September 23, 2010 2:37 PM | Report abuse

Teacher union scavengers? Read this:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x9185575

Posted by: Onpoint3 | September 23, 2010 3:04 PM | Report abuse

a $100 Million preemptive strike against the bad publicity the movie Social Network will bring. Plus Facebook already has customer satisfaction that is worst than car dealers. Bottom line is that Zuckerberg & Facebook are now trying to buy the goodwill they squandered. I use Facebook, but only as a necessary evil. Honestly I am sure Zuckerberg could care less about the children of Newark.

Posted by: rcc_2000 | September 23, 2010 3:11 PM | Report abuse

No one even mentioned race until question-guy and his paranoia showed up.

Posted by: forgetthis | September 23, 2010 1:31 PM | Report abuse
------------------------------------

Oh Really!!! That's because 'Northerners’ don’t play your little tippy-toe around racism game. We say what we mean, but we also know what you mean when you say:

* Maybe Oprah knows
* Newark? What a massive waste of cash
* We want your country back
* The experiment has failed
* You’re a ‘Liberal’
* I’m a ‘conservative”

Gutless, Toothless, Moronic southerners should start saying what they mean – their little codes are so stupid and juvenile.

I love seeing our northern folk getting a better education – while southerners strive to cut their education budgets and ‘put more cops on the street’. Good luck with that. You all will be reading at a Mississippi level sooner than you think LOL

Posted by: question-guy | September 23, 2010 3:41 PM | Report abuse

Daniel Larusso will be auctioning his All Valley Championship Trophy and giving all proceeds to the school system in his hometown of Newark.

Johnny Lawrence could not be reached for comment.

Posted by: fushezzi | September 23, 2010 4:04 PM | Report abuse

I don't think Zuckerberg should receive a bashing for doing a good deed. And for the person who said he was not cute, I think he is--but nerds always appeal to me.

He is very cute.

Posted by: CultureClub | September 23, 2010 4:20 PM | Report abuse

Thanks Mark, we’ll be sure to remind Lilo to look for some spare change at the local coke den next time she needs to prop up her public image.

http://scallywagandvagabond.com/2010/09/buying-self-respect-has-only-cost-mark-zuckerberg-100-million/

Posted by: ladybouvier | September 23, 2010 8:04 PM | Report abuse

It's been reported that Newark spends $22,000 for each of its 40,000 students, but only about half of the students graduate. Why would anyone want to throw more money down that rathole?

Posted by: hamishdad | September 23, 2010 9:35 PM | Report abuse

Can I "like" this?

Posted by: marebarr | September 23, 2010 10:19 PM | Report abuse

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