Facebook CEO pledges to give away 99 percent of company shares

San Francisco, Dec 2 (IANS) Facebook Inc. co-founder and chief executive officer Mark Zuckerberg said on Tuesday he and his wife would give 99 percent of their Facebook shares to charitable purposes, Xinhua reported.

Proceeds of the holdings by the couple, Mark Zuckerberg and Priscilla Chan, of the public listed US social network currently worth $45 billion and will be managed by a new organisation known as the Chan Zuckerberg Initiative.

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On his Facebook page, Zuckerberg posted “A letter to our daughter”, who was born last week.

The couple promised that they would give away their money “during our lives” through wealth charitable donations, private investment and promotion of government-policy reform.

About the new organisation, formed as a limited liability company to be controlled by the couple, the 31-year-old Silicon Valley entrepreneur wrote that “our initial areas of focus will be personalised learning, curing disease, connecting people and building strong communities.”

Meanwhile, Facebook said in a securities filing Zuckerberg has planned to give away “no more than $1 billion of Facebook stock each year for the next three years.”

5 Comments

  1. This young man of 31 is teaching us all, especially the richest people of the world, and many of them are holding tight to their wealth, yet another group is in high competition to display their wealth through the possession of the biggest and the largest things in the world.

    Less than 2% of the U.S. population are Jewish. Around 450 billionaires in the U.S., among the top ranking billionaires, more than 25% are Jewish. The Jewish people control the Wall St, the Federal Reserve. In reality, they control the world finance from Wall St. They are blessed with a divine gift of creating wealth; but far less interested in extravagant lifestyle, but ordinary lifestyle, finally they will give away the wealth to charity as a divine commandment.

    Very rarely we will see the picture of Mark Zuckenberg in official dress, but in causal dress. In his honey moon trip, he ate as usual from MacDonald. His inspiration in charity was greatly motivated by Warren Buffet and Bill Gates. At first, the Prosperity preachers of the U.S., who are living in a far higher standard than the CEOs of the General Motors or General Electric must learn some lessons from Mr. Zuckenburgh in simple living and charity as taught by JESUS CHRIST.

    So far, 132 billionaires of the world have taken a pledge to give away at least half of their wealth to charity. Among the billionaire donors of the world, both China and India are standing behind.

    Mr. Mark Zuckenbergh, we are very proud about your too generous heart and simple way of life. You are a very successful business person, above all, yourself and your wife are going to be honored by GOD and the people of the world.

  2. Why is AS Beef Mathew bringing up age, religion and god into this discussion? I guess his entire worldview revolves around his faith and parish!!

  3. I salute Mark Zuckerberg for intending to donate 99% shares of Facebook. He is a great personality. Decent folks like him should be interviewed by journalists, rather than those crooks and scoundrels who have become billionaires through fraudulent means and by buying politicians and keeping them in their back-pockets.

    There are many Indian NRIs in the Arabian Gulf, who fall into this category.

  4. As expected, when people hear of someone’s mega-generosity, they start praising the perceived philanthropist.

    It is no surprise that the story of the love of the Zuckerbergs for humanity was published in newspapers on the front page around the world.

    Predictably, a few rose to the occasion on this very site.

    One went further with the comment:
    “Decent folks like him should be interviewed by journalists, rather than those crooks and scoundrels”.

    Wanting to be interviewed, and wanting to be on the front pages of newspapers around the world, is usually the reason for announcing generous donations.

    But a few have not taken the philanthropist at face value.

    They have said the following:
    “The Facebook co-founder is using a somewhat unusual structure in order to fulfill his charitable pledge, however—one that gives him more control over what happens to the money he is promising to give away, but still provides tax benefits.”

    The key point here is the tax benefits.

    When people announce big donations in some countries of the world, they are not actually giving any of their money away. In almost every case, they are trying to save billions to be handed over to the tax department each year.

    What is handed over to the tax department goes to benefit the whole country – as the Government can provide better services to all, especially the poorer citizens.

    But these “generous” billionaires do not want to do that.

    Instead they publish stories of their mega-generosity, and the people of lesser intelligence rush to praise such “philanthropists”.

    See more at: http://fortune.com/2015/12/02/zuckerberg-charity/

  5. So…as per Manga’s analysis, people donate money to be interviewed and save tax!! What a simpleton!!

    I ask what’s the problem? Is it illegal to seek publicity for doing good things? Is it illegal to make use of tax code and save tax on money donated for charity? Moreover, if it is all about saving tax, how come other rich folks are not doing it? LOL

    In a rush to criticize all the good things in our society, Manga has forgotten a key aspect of this story. Charity may save taxes but it involves giving away your money!!!!!!! And, it does make a difference to poor sections of society!! Oh well, single digit IQ is a dangerous thing!! LOL

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