Google Commits Funds to Philanthropic Arm
An AP newswire article by Michael Liedtke, via Yahoo! News, reports that:
Google Inc. is financing its promise to make the world a better place with an initial commitment of nearly $1 billion to a philanthropic arm devoted to causes that mesh with the online search engine leader's crusade.
The altruistic effort, formally announced late Tuesday under the umbrella of Google.org, follows through on a pledge that the Mountain View, Calif.-based company made last year as it prepared its ballyhooed initial public offering of stock.
At the time, Google co-founders Larry Page and Sergey Brin vowed to create a company "that does good things for the world even if we forgo short-term gains." Toward that end, the pair said they would earmark 1 percent of Google's stock and future profit for a charitable foundation.
But Brin and Page have since decided their company's ambition extended beyond the limitations of a traditional foundation, prompting them to pool all the company's philanthropy under Google.org.
posted by Fergie @ 10/12/2005 06:58:00 AM
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