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Saturday, December 11, 2010

Facebook's Zuckerberg pledges to give away wealth

Another 17 of America's richest people, including Facebook CEO Mark Zuckerberg , junk bond pioneer Michael Milken and AOL co-founder Steve Case, have promised to give away most of their wealth.

At 26, Zuckerberg has put himself on the map not only as one of the world's youngest billionaires, but also as a prominent newcomer to the world of philanthropy. Earlier this year, he pledged $100 million over five years to the Newark, New Jersey school system. Now, he's in the company of media titans Carl Icahn, 74, Barry Diller, 68, and others who have joined Giving Pledge, an effort led by Microsoft founder Bill Gates and investor Warren Buffett to commit the country's wealthiest people to step up their charitable donations.

The group has signed up 57 people and their families since launching the campaign in June. The list also includes New York Mayor Michael Bloomberg, CNN founder Ted Turner and film director George Lucas. But Zuckerberg and Facebook co-founder Dustin Moskowitz, 26, are the two youngest.

``People wait until late in their career to give back. But why wait when there is so much to be done?'' Zuckerberg said in a statement. ``With a generation of younger folks who have thrived on the success of their companies, there is a big opportunity for many of us to give back earlier in our lifetime and see the impact of our philanthropic efforts.''

Though the pledge is not a formal contract, those who make it are committing to give away at least half of their wealth to philanthropic causes either in their lifetime or after they die. Zuckerberg's commitment to the Newark school system was through his Startup: Education foundation, which he established as part of the donation. The $100 million will be given in the form of Facebook shares, which the foundation will be responsible for selling to raise cash.

Zuckerberg owns about a quarter of Facebook's shares, and Moskowitz owns a much smaller stake. Though the company's shares aren't publicly traded, they can be sold on private stock exchanges, something some of Facebook's current and former employees have done. Shares on these markets are sold for as much as buyers will pay, but because the market is small and ``illiquid,'' it doesn't necessarily give a good idea value of the shares once the company goes public.

As such, it's difficult to estimate how much the shares are really worth, though there's no doubt Facebook is worth quite a bit. On SharesPost, one of the markets where Facebook shares are traded, the company's common stock recently had a completed contract between a buyer and a seller at $25, implying a valuation of nearly $57 billion _ or roughly $14 billion for the shares that Zuckerberg owns.

Facebook did not respond to a request to interview Zuckerberg about his pledge on Thursday, and there are not many details available about how the promises will work.

By pushing the age for substantial charitable giving lower, Zuckerberg is challenging today's generation of tech entrepreneurs to think not just about how they will make their next million or billion, but how they will give it away.

"Younger donors think longer-term because they will be giving longer-term,'' said Jason Franklin, a professor at New York University and the executive director of the nonprofit Bolder Giving, which encourages people from all walks of life to give big. ``Giving when you are older, you give so your children will have a better world. Giving when you are in your 20s, you give so you will have a better world."

Disclaimer: All information on this news has been compiled from their respective official websites or through public domain sites and leading newspapers. Although, we have taken reasonable efforts to provide you with accurate information, but we assumes no responsibility for the accuracy (or inaccuracy) of the Information and would advise you to verify it from the official product provider. We cannot guarantee that the information on this page is 100% correct. If you would like to advertise on our site please contact us

Apple suppliers point to new camera-toting iPad in 2011

Component suppliers for Apple Inc's iPad are gearing up for a new round of production in the first quarter, sources said on Friday, with one saying the product will be a revamp of the popular tablet computer including front- and back-mounted cameras.

Touchscreen chip designer Wintek Corp, battery maker Simplo Technology Co Ltd and AVY Precision, an unlisted maker of covers for electronic products, are among suppliers for the next batch of iPads, four people familiar with the situation said.

Two could only confirm they were ramping up for a new round of production in the first quarter for components previously supplied for the original iPad, while two said the ramp-up was for a new iPad.

One of those said the revamped model would feature cameras on the front and rear, while the other said the new model would be slimmer, lighter and have a better resolution display.

Camera module makers Genius Electronic Optical Co Ltd and Largan Precision Co Ltd were also starting new supply deals with Apple, two sources said, but neither could confirm for which product the modules were intended.

"Investing in Apple-related shares is going to be a major theme for most of next year," said Bevan Yeh, a fund manager at Prudential Securities investment Trust, who manages about T$7 billion ($230 million) and owns supplier shares.

"Apple is still the main driver on most technology products, and this will help push the earnings of its suppliers even more in 2011."

Apple's introduction of its iPad has breathed new life into this once-forgotten market, and is expected to make up for about 70 percent of the 60 million tablet PCs that will be shipped in 2011, said brokerage SinoPac Securities.

The introduction of a revamped iPad in the first half of 2011 would also be in line with the company's previous practice, with small changes made to its products about once every year. The original iPad was launched on Jan. 27 this year.

All the people familiar with the supply chain situation declined to be named because they were not authorised to speak to the media on the topic and because of Apple's obsession with secrecy.

"It makes sense for these suppliers to begin delivering their goods in February," said Steven Tseng, an analyst at RBS in Taipei. "I think Steve Jobs will announce the new product in January, and we should see the new product hitting shops in about April."

Spokespeople at all five companies either declined to comment or were not immediately available. An Apple spokeswoman also declined to comment.

Component makers generally do not know what a finished product will look like or what software it will run on because they are only responsible for manufacturing one part before passing it on for assembly.

Apple is expected to ship 12.9 million iPads this year, with shipments rising to 36.5 million in 2011, research firm iSuppli said in July, reflecting an 84 percent share of the tablet PC market.

Other tech brands such as Dell , Acer and BlackBerry maker Research in Motion have all also jumped on the tablet PC bandwagon, having unveiled their own versions of the mobile device .

"I expect to see more tablet PCs being pushed out in the second half of next year," said Bamboo Lin, an analyst at SinoPac Securities in Taipei.

"Sales of the iPad will still be good next year, but I expect those running on Google's Android system to have the advantage in the long run, just like what's happening with smartphones now."

Disclaimer: All information on this news has been compiled from their respective official websites or through public domain sites and leading newspapers. Although, we have taken reasonable efforts to provide you with accurate information, but we assumes no responsibility for the accuracy (or inaccuracy) of the Information and would advise you to verify it from the official product provider. We cannot guarantee that the information on this page is 100% correct. If you would like to advertise on our site please contact us

Dutch teen admits to Wiki-related hackings

 The Dutch public prosecutor said a 16-year-old boy admitted attacking the websites of MasterCard and Visa in support of WikiLeaks. The suspect , who is from The Hague , will be held in custody for 13 days, the prosecutor said in a release on its website on Friday. His name wasn’t released.

The Dutch public prosecutor’s website has also been “completely down for a short period,” Friday, following a cyber attack, the agency said in a separate statement. The attack was probably related to the teen’s ap-prehension , according to the statement.

The detention of the 16-year-old comes as the US Justice Department is examining cyber attacks that have been blamed on WikiLeaks supporters. MasterCard’s website was slowed this week by a flood of traffic in a denial-of-service attack after the company blocked payments to WikiLeaks via its network . MasterCard, the world’s second-biggest payments processor, and Lon-don-based Visa Europe said on December 7 they were suspending use of their networks by Wiki-Leaks after the organisation on November 28 be-gan publishing secret US military and State Department documents on-line.

Disclaimer: All information on this news has been compiled from their respective official websites or through public domain sites and leading newspapers. Although, we have taken reasonable efforts to provide you with accurate information, but we assumes no responsibility for the accuracy (or inaccuracy) of the Information and would advise you to verify it from the official product provider. We cannot guarantee that the information on this page is 100% correct. If you would like to advertise on our site please contact us

Chitika

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