In order to pay homage to theoretical physicists, Yuri Milner, a Russian social-network billionaire, has announced that he has set up a foundation, which will hand out prizes to nine physicists. It is going to happen for the first time in the history of physics that such kind of award ceremony is going to take place.

Yuri Milner, the founder of Mail. ru, is going to award $3m each to nine theoretical physicists. Experts commented on the news that the prize amount is exactly the double to the amount, which is being given to people, who win Nobel prizes and even other awards as well.

It has been revealed that four people, who have won the prize, are from the Institute for Advanced Study, which is in Princeton. When asked about how they felt, they were of the view that they were awestruck by knowing that have been named for prize.

“We were all thrilled and overwhelmed to have our work recognized in this way. Now we will have to redouble our efforts to make physics at the IAS”, said Edward Witten, who has won the award for contribution towards mathematics and quantum theory. Milner said that he is quite excited to host the awards.