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Me? I don't care if they give any away or not. It's their money, not mine, and theirs to do with as they please, just as my money is mine to do with as I please.
joined:Jan 13, 2014
Mark Zuckerberg’s Philanthropy Doesn’t Seem Particularly Charitable
Mark Zuckerberg kicked off December with a promise to donate 99% of his Facebook shares to charity… sort of. The reality of this gesture may be starting to catch up with the social media mogul.
Zuckerberg’s donation isn’t to just any old charity. In fact, it’s not a traditional charity at all. The nearly $30 billion will be filtered into the Chan Zuckerberg Initiative LLC. What is it, exactly? That’s a good question, and one that more and more people are asking. The Chan Zuckerberg Initiative Facebook page isn’t very clear on the issue. Launched in 2009, its purpose is purportedly to “advance human potential and promote equality.” But how will it do so?
The full description is longer, but no more clear. The LLC wants to “make long term investments” over the next 25 to 100 years, “engage directly with the people we serve,” and “build technology to make change.” So far, the Chan Zuckerberg Initiative is sounding a lot like, well, Facebook.
So in summary, the LLC’s stated mission is to engage with people, build new technology, support policy and advocacy, and back chosen leadership. If you think it doesn’t sound much like a charity, that’s because it doesn’t.
But maybe that’s the issue. After all, the Chan Zuckerberg Initiative isn’t a Non-Profit Organization, it’s a Limited Liability Company. There are some pretty big differences between the two, and they are pretty convenient ones if you’re going to donate most of your massive fortune.
First of all, an LLC has a lot more leeway in how the money is actually distributed. Not only does an LLC require far less disclosure than an actual NPO, but it can handily avoid the federal requirement that at least 5 percent of its annual endowment actually reach charitable efforts.