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Mark Zuckerberg did not spend 99% of his share for philanthropy

In early December 2015, when Facebook’s CEO Mark Zuckerberg welcomed his first daughter, this technology billionaire announced he would spend 99% of his shares in Facebook for philanthropic activities in the future. Immediately, the media and public have praised the young CEO to the sky.

 


However, in practice, it has been discovered that the amount equal to $ 45 billion of Mark Zuckerberg had not been used entirely on charitable activities as stated. This is the information recorded by Alex Kantrowitz, reporters from technology site Buzzfeed.

Specifically, Chan Zuckerberg Initiative, the organization that Mark Zuckerberg will transfer the entire 99% of his shares, is not a non-profit company. In essence, it operates as a limited liability company. This information becomes even more reliable, as a Facebook spokesperson confirmed to Techinsider page that, Chan Zuckerberg Initiative was indeed a limited liability company.

According to the initial learning of Chan Zuckerberg Initiative, this organization set out the mission of “promoting the human potential and promoting equality in the world”. Theoretically, Chan Zuckerberg Initiative can fully operate as a non-profit organization, but it can also carry out investments in other private companies.

Concerning this issue, Facebook’s representative added, with the nature of Chan Zuckerberg Initiative, it could fully profitably invest, and use those profits to support, promote for the missions that it had set out, as stated above.

 


So the question arises, if received the property equivalent to $ 45 billion, where would Chan Zuckerberg Initiative pour this amount into?

In the open letter talking about the company, Mark Zuckerberg spouses have said that, initially, the fields focused would compose of education, schools and technologies related to examining and treat medically, connecting people and building strong communities.

Through video about Chan Zuckerberg Initiative, the spokesperson of this organization explained further: “We need to make sure that our investments in programs and projects will help people’s future do not like today.”

Through interview with reporter Vindu Goel from The New York Times, the billionaire Mark Zuckerberg said, there were two reasons why he and his wife gave away all the property that they owned.

First, Facebook CEO affirmed that any one of us also needed to learn and let go of what we were having, and he would start with his massive assets. The CEO also said that, if wanting to see the difference in the world in the next 10-15 years, all of us, including Mark Zuckerberg needed to start from now. This explains why donating 99% of the shares in Facebook surprised so many people.

Second, Mark Zuckerberg considered, any success we hoped to receive in the future could only come if there were an accumulation of time. He believed that if we wanted to give our children a brighter future, a better education to develop comprehensively, we needed to start immediately, instead of sitting there and waiting.

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