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IN Celebrities ON 02 Dec, 2015
The news has spread like fire in the forest that Mark Zuckerberg and his wife Priscilla Chan have decided to donate 99% of their Facebook stock to charity, and this amount of money can fund a charitable trust for the next 45 years or so. But is this the reality or is it something else?
The money will be given to Chan Zuckerberg Initiative LLC, a family-run foundation that he controls and through which he will maintain control of Facebook for the unimaginable future of his firm.
Mark will transfer the ownership of the stocks without paying any taxes and it is assumed that his foundation will live even after him and all his heirs will get benefits from it.
The foundation just has the structure of the trust, but it can spend it's money on anything it feels even for private issues and profit generating investments.
This initiative will fulfill their aim by funding non-profit organizations and by making profitable investments and participating in policy debates and the profit that will be made that will be used to fund other missions in the trust.
This is just an example of what kind of initiatives are been taken by the trust some others include like Investment in MasteryConnect, Personalized Learning with Summit Public Schools, College Scholarships for Bay Area Immigrants through TheDream.US etc.
They won't be giving the stock at once but will continue to do it through their entire lifetime.
So the conclusion is that the money is not going anywhere but to his own trust. This is how he trying to avoid tax payment in the name of foundation charity work, he can do anything whatever he thinks.
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