Mark Zuckerberg is a dad and is giving away his money. The Facebook founder and his wife, Priscilla Chan, said they will donate 99% of their Facebook shares (roughly $45 billion today) to “advancing human potential and promoting equality.” That's nice, we like when people share. The announcement came as the couple celebrated the birth of their daughter, Max.
What does advancing human potential mean? What does promoting equality mean, exactly? Your guess is as good as mine? Bill Gates at least, has devoted his billions to the more tangible goal like eradicating Malaria! But I am still impressed that the Zuckerbergs will dedicate many of their billions to charitable causes in one way or another, unlike others like Koch, Murdoch, Walton, etc.
But it looks like Mark Zuckerberg isn’t really giving his money away. He’s donated it to his own organization, and apparently it is not even an actual charitable organization, but rather structured as an LLC. 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. Some say he just moved his personal wealth into a personally controlled foundation to avoid taxes. Personally I believe he will give, but that his not sure what financial vehicle he might use.
Please Mark do it right, make Max proud and give her and the others to come the world they deserve :)
