A week ago, Mark Zuckerberg and his wife Priscilla Chan announced that they would be giving away 99 percent of their Facebook shares to philanthropic causes over their lifetime. This announcement came after the birth of their first child, a daughter, named Max.
According to the current market price, the shares amount up to $45 billion. This makes this donation the largest in history, the previous largest being the $30 billion gift which Warren Buffet gave to the Gates Foundation. There are a number of wealthy people who took similar step in the past. What sets Zuckerberg apart is that he is the youngest of them all, as he is only 31.
The announcement sent shockwaves throughout the world. The social media erupted in praise, with #ThankyouZuckerberg becoming the hash tag of the day. Commentators of several newspapers including Bloomberg, Fox News and Wall Street Journal praised the size and percentage of the donation.
However, what most people failed to understand is that decision would actually help Mark Zuckerberg the most. Instead of setting up a traditional non-profit organization, Zuckerberg announced that the company in charge of this huge money will be provisioned as an LLC, or Limited Liability Company. This means that no one would be able to know where this huge amount of money would be spent.
“An L.L.C. can invest in for-profit companies (perhaps these will be characterized as societally responsible companies, but lots of companies claim the mantle of societal responsibility). An L.L.C. can make political donations. It can lobby for changes in the law. He (Zuckerberg) remains completely free to do as he wishes with his money. That’s what America is all about. But as a society, we don’t generally call these types of activities ‘charity.’” explained Jesse Eisinger in the New York Times.
“What’s more, a charitable foundation is subject to rules and oversight. It has to allocate a certain percentage of its assets every year. The new Zuckerberg LLC won’t be subject to those rules and won’t have any transparency requirements.”
Zuckerberg immediately responded to these criticisms. He defended his decision for setting up an LLC company by stating that all he wants is freedom in his charity dealings, nothing more nothing less.
“The Chan Zuckerberg Initiative is structured as an LLC rather than a traditional foundation. This enables us to pursue our mission by funding non-profit organizations, making private investments and participating in policy debates, in each case with the goal of generating a positive impact in areas of great need. Any net profit from investments will also be used to advance this mission.” Zuckerberg wrote on his public Facebook profile.
I agree that maybe, it’s too early to criticize Zuckerberg’s charity plans. But it would be a novelty to forget how wealthy people used similar tactics for their own benefit by ditching taxes or using their money for unlawful or other purposes. We can only hope that this charity won’t prove to be a failure like his previous $100 million donation to Newark school system was.
Mark Zuckerberg Charity Cost
Mark Zuckerberg and his wife Priscilla Chan have donated more than $45 billion to charity since 2010. They have also pledged to donate 99% of their Facebook shares, currently worth more than $45 billion, to charitable causes during their lifetimes.
Most Charitable Billionaire
The most charitable billionaire is Warren Buffett. Warren Buffett is the chairman and CEO of Berkshire Hathaway and is estimated to have a net worth of $85.5 billion. He has pledged to give away 99% of his fortune to charitable causes over his lifetime. He has already donated billions of dollars to charities such as the Bill and Melinda Gates Foundation, the Susan Thompson Buffett Foundation, and the Howard G. Buffett Foundation.
Celebrity Donate Most To Charity
The most charitable celebrity is Taylor Swift. She has donated over $50 million to various charities, including the Red Cross, Feeding America, and the World Health Organization. She also created the Taylor Swift Education Center at the Country Music Hall of Fame and Museum in Nashville, Tennessee.
Bill Gates Money Donation
Bill Gates has donated over $45 billion to charity since 1994. This includes his donations to the Bill and Melinda Gates Foundation, which has given away more than $36 billion in grants and program-related investments since it was founded in 2000.
Mark Zuckerberg Contribution To Society
Mark Zuckerberg has contributed to society in many ways. He is the founder and CEO of Facebook, which has become one of the most popular social media networks in the world. He has also donated millions of dollars to various causes, such as providing internet access to underprivileged communities and creating the Chan Zuckerberg Initiative, which focuses on advancing human potential and promoting equal opportunity. Additionally, he has been a vocal advocate for immigration reform and has donated to organizations such as the American Civil Liberties Union, the American
Money Elon Musk Donated To Charity
It is difficult to determine an exact figure for how much money Elon Musk has donated to charity. However, it is estimated that he has donated over $1 billion to various causes. This includes donations to organizations such as the American Civil Liberties Union, the American Red Cross, and the X Prize Foundation. Additionally, he has also donated to research initiatives in the fields of artificial intelligence and space exploration.
Facebook Make Money From Donations
Facebook does make money from donations. Facebook allows users to donate money directly to non-profits and other causes through its fundraising platform. Additionally, Facebook also makes money from donations to its own charitable initiatives, such as its Internet.org project.
Facebook donate to charity
Facebook does donate to charity. Facebook has donated to a variety of charitable causes, including disaster relief, education, and health initiatives. Additionally, Facebook has also donated to research initiatives in the fields of artificial intelligence and space exploration.
Mark Zuckerberg A Philanthropist
Mark Zuckerberg is a philanthropist. He and his wife, Priscilla Chan, have donated billions of dollars to various charitable causes, including education, health, and disaster relief. In addition, the couple has created the Chan Zuckerberg Initiative, which focuses on advancing human potential and promoting equality.
World’s Top Philanthropist
There is no definitive answer to this question, as there are many philanthropists around the world who have made significant contributions to society. Some of the world’s most notable philanthropists include Bill and Melinda Gates, Warren Buffett, George Soros, and Mark Zuckerberg.
Jeff Bezos Donate Money To Charity
Yes, Jeff Bezos has donated money to charity. In 2018, he donated $2 billion to the Bezos Day One Fund, which supports homeless families and creates preschools in low-income communities. He has also donated to organizations such as the Fred Hutchinson Cancer Research Center and the American Red Cross.
Religion Donates The Most To Charity In World
According to a study by the World Giving Index, the United States is the most generous country in terms of donating to charity, followed by Myanmar, Australia, New Zealand, and Canada. The top religious group donating to charity is Christians, followed by Muslims, Hindus, and Buddhists.