Facebook CEO Mark Zuckerberg is a dad, and he's giving away most of his money

[John Connor]

SAN FRANCISCO – Talk about birth announcements: Facebook CEO Mark Zuckerberg and his wife said they'll devote nearly all their wealth — roughly $45 billion — to good works in celebration of their new baby daughter, Max.
Zuckerberg's wife, Priscilla Chan, gave birth to a 7-pound, 8-ounce daughter last week. But the couple didn't put out the news until Tuesday, when Zuckerberg posted it on — of course — Facebook.
In the same post, Zuckerberg said he and Chan will commit 99 percent of their Facebook stock to such causes as fighting disease, improving education and "building strong communities." They are forming a new organization, called the Chan Zuckerberg Initiative, that will pursue those goals through a combination of charitable donations, private investment and promotion of government-policy reform

http://www.foxnews.com/tech/2015/12...s-dad-and-hes-giving-away-most-his-money.html

Must be nice to have kiss my ass money.

Congrats. And if you're reading this some children's hospitals and the Salavation Army could use your help. And I would give to The Fisherhouse and Wounded Warriors.

 

[Jeff7]

:thumbsup: Good to see.



99% of Facebook stock.


1% of a cubic shitton is still probably enough to live off of. Yeah, they'll be fine.

 

[John Connor]

1% of a cubic shitton is still probably enough to live off of.

Especially just living off the interest.

I have two mottos in life:

Takes money to make money and Trust no one. LOL

 

[Virge_]

Well, that's certainly one way to avoid taxes.

 

[Fanatical Meat]

Someone has been speaking to Mr. Gates

 

[WaTaGuMp]

When its time to give it away, it will be penny stocks.

 

[SSSnail]

Nice daughter for my 1-year old son to cozy up to :ninja:

Maybe I'll need some introduction from fruitloops... :hmm:

 

[1sikbITCH]

Well, that's certainly one way to avoid taxes.

LOL you're just pissed off you don't have that problem

 

[michal1980]

It must be soooo hard to live off .5 BILLION dollars.

 

[ultimatebob]

If he's smart, he'll hold onto enough stock to keep majority control. If I was him, I'd worry about the big mutual funds holding onto FB stock ousting him if they think that he's getting too touchy feely.

 

[DesiPower]

Sure go ahead and help more humans, so that more and more of the cancer can spread and fuck the earth. How about help the planet instead

 

[JulesMaximus]

Who cares?

 

[MomentsofSanity]

It must be soooo hard to live off 5 BILLION dollars.

She we can add math to the list of things you aren't good at?

 

[manly]

It must be soooo hard to live off 5 BILLION dollars.

since they're giving away 99%, they get to keep $500M and whatever else they've already diversified away from FB stock. But who's counting.

At first I was confused by "Dear Max." Are there girl names in European languages that have Max as a nickname?

ultimatebob,

Well he's going to give away 99% of his shares over his lifetime. Is he really going to be FB CEO for another 30 years anyway? Also, if I'm not mistaken, they've structured voting rights so that his shares and those of his allies are enough to firmly control the board regardless of how many common shares are owned by public shareholders.

 

[AmdEmAll]

Sure go ahead and help more humans, so that more and more of the cancer can spread and fuck the earth. How about help the planet instead

Agreed..

Just think how much rain forest he could buy up with that and then buy armies to shoot anyone who tries to destroy it.

 

[Bird222]

Don't you love how filthy rich people up and give away most of their wealth.

 

[1sikbITCH]

Sure go ahead and help more humans, so that more and more of the cancer can spread and fuck the earth. How about help the planet instead

Well... genocide is somewhat frowned upon in some circles (not so much in others).

 

[Jeff7]

Someone has been speaking to Mr. Gates

"Use your money to exterminate a disease or I'll exterminate you."

 

[s0me0nesmind1]

They are forming a new organization, called the Chan Zuckerberg Initiative, that will pursue those goals through a combination of charitable donations, private investment and promotion of government-policy reform.

The new initiative will be organized as a limited liability company, however, rather than as a nonprofit foundation. "They want the most flexibility and they are going to use a wide variety of activities to achieve their mission," Rachael Horwitz, a Facebook spokeswoman, said via email. "So in that way this is not a foundation nor is it entirely charitable."

If I'm understanding this correctly, he is essentially dumping all these stocks into an LLC that he created. It's not giving stocks away, it's transferring it from one location to another. But nice PR campaign for the people that are too mentally handicapped to read or understand.

Ask Billary how her non-profit has been going as she quickly revises her prior tax returns....

Also, anyone that names their fucking daughter "Max" is the king of douchebag and stupidity.

 

[Red Squirrel]

Bill Gates, now the Zuck, it's nice to see rich people being generous with charities.

 

[flexy]

I always thought of Zuck as some "Schmuck", but realized I was obviously wrong. Very powerful letter. I woke up today and read this and it was a good change from the usual awful news we're getting most days. (No, it's not because "we give away money", it's what else he said in the letter)

I wonder whether Zuck, his wife and/or any of their children will ever get into politics. We have too few of people like them in politics. We have old farts which are basically 180 deg the opposite in politics. And this sucks! This country/world needs PROGRESS not REGRESS.

By the way, 99% of $45B (that's just their stocks) still leaves $450M so almost half a billion. Realizing this...mind-blown...

 

[KMFJD]

since they're giving away 99%, they get to keep $500M and whatever else they've already diversified away from FB stock. But who's counting.

At first I was confused by "Dear Max." Are there girl names in European languages that have Max as a nickname?

ultimatebob,

Well he's going to give away 99% of his shares over his lifetime. Is he really going to be FB CEO for another 30 years anyway? Also, if I'm not mistaken, they've structured voting rights so that his shares and those of his allies are enough to firmly control the board regardless of how many common shares are owned by public shareholders.

Max would be short for Maxine? is it really that obscure?


/lotta jelly people itt

 

[michal1980]

She we can add math to the list of things you aren't good at?

Nope, a missing "."

 

[DesiPower]

Well... genocide is somewhat frowned upon in some circles (not so much in others).

Well... that's one way to spin it for the news at 10:00. Other way to think about it is that the human race is not in any danger of extinction, it does not need more "help", but if the environment is not helped soon then human and all other living beings WILL become endangered species soon.

 

[mrrman]

give it to me