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What No One Is Telling You About Mark Zuckerberg Donating 99% Of His Fortune To "Charity"
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Original Message
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By now you must have heard that Mark Zuckerberg along with his wife Priscilla Chan has pledged to give away 99% of his estimated USD45 billion in Facebook stock to charity. Basically, Mark is giving away enough money to fund one of the world's biggest charities for the next 45 years. Instead, he is funding his own. Here's how:
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.
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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