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Facebook's CEO and wife to give 99 percent of shares to their new foundation Read mor

Re: Facebook's CEO and wife to give 99 percent of shares to their new foundation Read

DA60 said:
'Mark Zuckerberg will put 99 percent of his Facebook Inc (FB.O) shares, currently worth about $45 billion, into a new philanthropy project focusing on human potential and equality, he and his wife said Tuesday in a letter to their newborn daughter.

The plan, which was posted on the Facebook founder and chief executive officer's page, attracted more than 570,000 "likes," including from singer Shakira, former California Governor Arnold Schwarzenegger and Melinda Gates, wife of Microsoft founder Bill Gates. The Gates and other high-profile billionaires such as Warren Buffett have set up foundations of their own to dedicate their massive fortunes to philanthropic endeavors.

Zuckerberg, 31, who will control the new initiative jointly with his wife, Priscilla Chan, while remaining in charge of the world's largest online social network, said he would sell or give up to $1 billion in shares in each of the next three years.'


Read more at Reutershttp://www.reuters.com/article/2015/12/02/us-markzuckerberg-baby-idUSKBN0TK5UG20151202#A2MYpyydEvPiPU5I.99


Thoughts?
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Someone has small issue with math. In the first sentence, it states that he;s going to give away 99% of his 45 billion (that's $44.55 bilion), but then at the end it states that he would be giving $1 billion for three years (that's $3 billion). Could someone clarify how how 3 = 44.55?? Maybe it's common core math....
 
Re: Facebook's CEO and wife to give 99 percent of shares to their new foundation Read

nota bene said:
Not necessarily. As I recall, Bill and Melinda Gates intend for their children to earn their way.
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In the sense that they're only inheriting millions instead of billions, sure.
 
Re: Facebook's CEO and wife to give 99 percent of shares to their new foundation Read

reinoe said:
And we see that it is the conservatives who secretly hate the rich: not liberals.
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That's what you got from this post?

Do you any idea what and who these foundations fund and the influence they buy?
 
Re: Facebook's CEO and wife to give 99 percent of shares to their new foundation Read

What No One Is Telling You About Mark Zuckerberg Donating 99% Of His Fortune To "Charity"

The vehicle for his beneficence will be the Chan Zuckerberg Initiative LLC, a family-run foundation that he controls and through which he will maintain control of Facebook for "the foreseeable future."

Which basically means:

Mark Zuckerberg will transfer ownership of his Facebook stock without paying capital gains taxes. He will also benefit from the possibility that his foundation will live beyond him, with his heirs and their heirs at the helm, untouched by estate taxes.

A Facebook PR, while confirming to BuzzFeed News, said that the initiative is structured as an LLC, and not as a charitable trust which means that unlike a charitable trust, which is compelled to spend its money on charity, Chan Zuckerberg Initiative, LLC will be able to spend its money on whatever it wants, including private, profit-generating investment.
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To sum up, his money is not going to a charity, but to his own LLC, which will let him evade tax by moving his private assets into a foundation. See, Zuckerberg doesn't need massive tax benefits to do whatever he wants. He can just do whatever he wants.
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Zuckerberg has every right to do what he wants with his money (sans tax evasion which I'm obviously very much against) but nobody should be fooled into thinking this is some selfless altruistic act. Not yet anyway, until Chan Zuckerberg LLC builds a track record of actually doing something.
 
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Re: Facebook's CEO and wife to give 99 percent of shares to their new foundation Read

Just a quick funny. The beginning of the video: looks like Lennon and Yoko Ono.
 
Re: Facebook's CEO and wife to give 99 percent of shares to their new foundation Read

Nilly said:
What No One Is Telling You About Mark Zuckerberg Donating 99% Of His Fortune To "Charity"


Zuckerberg has every right to do what he wants with his money (sans tax evasion which I'm obviously very much against) but nobody should be fooled into thinking this is some selfless altruistic act. Not yet anyway, until Chan Zuckerberg LLC builds a track record of actually doing something.
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Can't read the article but this is why the "taxes are too high" mantra is false. Also good on Zuckerberg. I really need to look into the benefits of creating an "LLC" are. Or even one of those charities that athletes establish that never wind up actually doing any charity work.
 
Re: Facebook's CEO and wife to give 99 percent of shares to their new foundation Read

Donating your own money to a nonprofit with your name on it.

Ooh, honey, let's take the private jet on a "company trip" to Costa Rica.
 
Re: Facebook's CEO and wife to give 99 percent of shares to their new foundation Read

Nilly said:
What No One Is Telling You About Mark Zuckerberg Donating 99% Of His Fortune To "Charity"


Zuckerberg has every right to do what he wants with his money (sans tax evasion which I'm obviously very much against) but nobody should be fooled into thinking this is some selfless altruistic act. Not yet anyway, until Chan Zuckerberg LLC builds a track record of actually doing something.
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So, in other words, all they really did was create a tax shelter.
 
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