Facebook's Zuckerberg Joins Billionaires Buoys Club

Facebook CEO Mark Zuckerberg has taken the pledge. This week he joined the Who's Who of billionaires signing the Giving Pledge to donate more than half their personal wealth to charitable causes by age 65. 

Some might decry it as a no-money-down bid to add luster to corporate social responsibility efforts. Zuckerberg would beg to differ.

“People wait until late in their career to give back. But why wait when there is so much to be done?” says Zuckerberg in a press release. “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.”

On the one hand, it's admirable that the face of Facebook, whose personal philanthropic efforts have so far been limited to launching a foundation in September with a $100 million commitment to help schools in New Jersey, is finally putting the bulk of his money where his mouth is.

With a personal fortune estimated by Forbes at almost $7 billion, this announcement marks a significant public commitment and philanthropic move.

Still, billionaires taking this pledge are making a moral, not legal, vow. It may reflect well on their personal and corporate brands now, but whether they're as good as their word — and what kind of impact it has on corporate reputations — remains to be seen.

The Giving Pledge effort launched in June with Warren Buffett and Microsoft founder Bill Gates and wife Melinda at the helm, and now tallies 57 billionaires and their families on the list.

“The Giving Pledge has re-energized people thinking about philanthropy and doing things in philanthropy and I look forward to many more conversations with families who are truly fortunate, and whose generosity can and will change lives,” said Buffett.

One notable holdout, as the New York Times notes: Oprah Winfrey, on whose show Zuckerberg announced his new foundation in September.