May 30 (Bloomberg) -- Facebook Inc. Chief Executive Officer Mark Zuckerberg is pledging $120 million to improve education in underserved communities in the San Francisco area over the next five years.
The donation will be used to “give educators the resources to innovate in the classroom and support students” in school districts in areas such as East Palo Alto, Zuckerberg said in an op-ed published yesterday in the San Jose Mercury News. The article was written with his wife, Priscilla Chan, a pediatrician.
The money will be spent through the Startup:Education fund, which Zuckerberg and Chan founded in 2010 when he pledged $100 million over five years to help improve public schools in Newark, New Jersey. That effort has met with criticism for a lack of results.
Zuckerberg’s fortune is valued at $28.6 billion, making him the 22nd richest man in the world, according to the Bloomberg Billionaires Index. Facebook, the world’s largest social network, fell 1.6 percent to $62.82 at 1:10 p.m. in New York trading.
To contact the reporter on this story: Michael McDonald in Boston at firstname.lastname@example.org
To contact the editors responsible for this story: Lisa Wolfson at email@example.com Chris Staiti, Niamh Ring