Facebook founder Zuckerberg gives $500 million in stock to Silicon Valley Community Foundation

Mark Zuckerberg said he is donating nearly $500 million in Facebook stock to the Silicon Valley Community Foundation, the largest single gift in the history of the local nonprofit and one of the biggest philanthropic donations in the Bay Area this year.

The 28-year-old multibillionaire announced the donation on his personal Facebook page, saying he and his wife want to focus their giving on "education and health." The news drew immediate praise from a local philanthropy expert, who said he hoped Zuckerberg's gift will set a standard for charity among younger tech entrepreneurs who aren't always known for their giving. The foundation, which before Tuesday had about $2 billion in assets, makes grants to a variety of charities that serve the needy locally and around the world. It also assists wealthy donors by advising them on philanthropy, managing their charitable funds and making grants based on their input. Zuckerberg previously tapped the foundation to handle his pledge to give $100 million over five years to improve public schools in the impoverished city of Newark (NJ). Zuckerberg's gift to the Mountain View-based community foundation is roughly four times the $123 million in grants the foundation says it awarded to nonprofits around the Bay Area last year. But if the foundation follows its usual practice, it's unlikely to distribute all of Zuckerberg's gift in a single year. All told, the foundation manages about 1,600 charitable accounts on behalf of individuals and families that use its services.