In announcing the birth of his daughter, Facebook Inc Chief Executive Mark Zuckerberg and his wife Priscilla Chan, declared they would donate 99 percent of their worth, the vast majority of which is tied up in Facebook Stock valued at $45 billion today. In doing so, Zuckerberg and Chan did not set up a charitable foundation, which has nonprofit status.
He created a limited liability company, one that has already reaped enormous benefits as public relations coup for himself. His P.R. return-on-investment dwarfs that of his Facebook stock. Zuckerberg was depicted in breathless, glowing terms for having, in essence, moved money from one pocket to the other.
However, Mark clarified that, he and his wife would receive no tax benefit from setting up their new charitable endeavor. “just like everyone else, we will pay capital gains taxes when our shares are sold by the LLC,” posted Zuckerberg on his Facebook page.
The entity called the Chan Zuckerberg Initiative, would focus on areas like education and disease, he indicated the efforts would be similar to charity he and his wife had already supported.
Responding to a comment he would pay “zero tax” for the initiative’s investments that was made in reply to his Facebook post on Thursday, Zuckerberg denied that was the case. “Please don’t spread inaccurate information,” he posted.
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