Facebook, spearheaded by the 26-year-old billionaire Mark Zuckerberg, plans to announce a $100 million donation to Newark, New Jersey, public schools this week, in a bold bid to develop the education system of one of the nation’s worst performing public school systems.
According to the press report, the young billionaire will announce $100 million donation Friday on theOprah Winfrey Show. The pledge comes with an announcement that the New Jersey Gov. Chris Christie would cede some control over the schools in the region to Newark Mayor Cory A. Booker.
The news is a bit surprising considering that Zuckerberg has little connection with Newark. Zuckerberg attended public high school in Ardsley, New York, before transferring to the private Phillips Exeter Academy in Exeter, New Hampshire.
The report said that Newark spends roughly $22,000 annually on each of its 40,000 pupils, unfortunately, only about half of its students managed to graduate. Of those who do, only one-fifth continued to enroll for four-year colleges. Statically, approximately 85% of the Newark students at community colleges need remedial help in math and English.
Zuckerberg is said to be worth around $2 billion and this is probably the biggest donation he has made for a novel cause.