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AP source: Facebook IPO won't affect Newark pledge

Thursday - 2/2/2012, 6:22pm  ET

By BETH DeFALCO
Associated Press

(AP) - 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 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)