04 December 2015

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Facebook Mark Zuckerberg is not giving 99% of his Facebook shares to charity

Facebook Mark Zuckerberg is not giving 99% of his Facebook shares to charity

Mark Zuckerberg, the co-founder and chief executive of Facebook, announced on Tuesday, two days back that he and his wife would give 99 percent of their Facebook shares “during our lives” holdings currently worth more than $45 billion to charitable purposes.

The pledge was made in an open letter to their newborn daughter, Max, who was born about a week ago.

Mr. Zuckerberg and his wife, Dr. Priscilla Chan, said they were forming a new organization, the Chan Zuckerberg Initiative, to manage the money, through an unusual limited liability corporate structure. “Our initial areas of focus will be personalized learning, curing disease, connecting people and building strong communities,”

But reality is that this money a sum that today is worth about $45 billion won't all go to charity.

As Buzz Feed’s Alex Kantrowitz reported, the Chan Zuckerberg Initiative, the organization that the couple's fortune will go to, is structured as an LLC, a limited liability company, not as a nonprofit organization.

A spokesperson has confirmed to Buzzfeed that as a company, the Initiative can spend its money on whatever it wants -- including private, profit-generating investment.

The Chan Zuckerberg Initiative will pursue its mission by funding non-profit organizations, making private investments and participating in policy debates, in each case with the goal of generating positive impact in areas of great need,"

Any profits from investments in companies will be used to fund additional work to advance the mission."
In November those investments have included –

1 -  $20 million to help connect American classrooms to fast and reliable internet

2-  $5 million in Mastery Connect, a teaching software

3- $5 million to TheDream.US to help undocumented immigrants, in San Francisco attend college

4- $15 million in AltSchool, an education initiative focusing on personalized learning and technology

5- $10 million in Bridge international academies

But its good start that they are giving and encouraging others.

Reality views by sm –

Friday, December 4, 2015

Tags – Facebook Donation Not to Donate