Zuckerberg’s Fortune Skyrockets as His School Closes Its Doors
Mark Zuckerberg, the well-known tech tycoon behind Facebook, has seen his fortune skyrocket past $200 billion—with an $85 billion boost in 2024. But this financial win is quite at odds with the recent news that The Primary School, an initiative he started with his wife Priscilla Chan, will be shutting its doors. The school was created to help kids from low-income families by combining education, healthcare, and social services. Despite its high ambitions and the hefty backing from the Chan Zuckerberg Initiative (CZI), it’s set to close by the end of 2026.
The Challenges at The Primary School
The Primary School was a real ray of hope for many families struggling to get by. Launched with a mission to shake up education, it received around $100 million from CZI between 2018 and 2024. Still, the school found it very hard to stand on its own and couldn’t draw in extra funding beyond CZI. Support from the community was also lacking, with donations falling from $8 million in 2022 down to $3.7 million in 2023, making the school’s financial situation more and more shaky.
The money troubles got even worse when CZI decided to pull its funding, leaving the school’s leadership in a tight spot. Jean-Claude Brizard, the school board chairman, put it bluntly: “If a project depends 100% or even 50% on philanthropy, it’s not a viable long-term model.” His words really drive home how risky it is to lean too hard on donations.
How the Community is Reacting
The closing of The Primary School is more than just shutting down a building—it’s a real blow to many families who relied on its services. In the eyes of the community, the school was a vital support system that offered more than just education. Parents have voiced their anger and disappointment about the decision to close the school. One parent summed up the sentiment by saying, “He’s a billionaire. Why would he close a school for poor kids?” This remark really highlights the stark contrast between Zuckerberg’s enormous wealth and the hardships faced by those who had come to rely on his generosity.
A New Direction for CZI
With The Primary School coming to an end, CZI is switching gears and pouring its efforts into scientific research and artificial intelligence. This change of direction is part of a broader trend in tech philanthropy, where money is being steered towards tech-driven projects instead of conventional charitable work. While this move might match up with emerging global priorities, it does spark some questions about whether philanthropic ventures can stay steady when they’re backed primarily by one very wealthy donor.
What This Means for Charity Work
The whole situation with The Primary School gets us talking about the role billionaires play in making lasting changes with their donations. It shines a light on how fragile charity models can be if they rely too much on one source of funding, and it stirs up a debate about who should be accountable when things don’t work out. As tech giants continue to grow their fortunes by leaps and bounds, people are left wondering how these enormous sums of money can really be used to bring about lasting benefits for society.
This story of The Primary School serves as a reminder to think about ways to design charitable efforts that can really stick around and bring about real, positive change for those in need.