Omidyars at it again... $100M to Tufts U

You may recall that the Omidyar Foundation was able to secure Linden Lab $8 million fall 2004.

Moral of the story? It's good to keep your students happy, in case they graduate and become filthy rich!

http://www.cnn.com/2005/TECH/biztech/11/04/ebay.gift.ap/index.html

EBay founder gives $100 million to university

Friday, November 4, 2005; Posted: 2:15 p.m. EST (19:15 GMT)

MEDFORD, Massachusetts (AP) -- The founder of eBay donated $100 million to Tufts University to use for making loans as little as $40 to people in developing countries who want to start businesses.

Pierre Omidyar and his wife, Pam Omidyar, said they want their alma mater's largest gift ever to show how so-called microfinance loans can be used as a development tool, promoting small-scale enterprises like weaving or farming.

"We believe that business can be a tool for social good," Omidyar said in a statement. "Microfinance has already shown that enabling the poor to empower themselves economically can be good business."

Half the proceeds from the loans will support Tufts faculty, financial aid, debt forgiveness for graduates seeking public service careers and scholarships for low-income students to attend summer classes. The other half will be reinvested in microfinance programs.

Omidyar founded eBay, the Internet auction site, and, with his wife, the Omidyar Network, a hybrid philanthropy and investment group.

Pierre Omidyar, who graduated from Tufts in 1988, is also a university trustee and remains eBay's chairman. Pam Omidyar graduated in 1989.

Copyright 2005 The Associated Press. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed.

I must have missed the small print where it says, 'Except for you.'