Zuckerberg’s crafty donation
London - He made headlines with the announcement he will give away 99 percent of his £30 billion (about R654bn) fortune.
But Facebook founder Mark Zuckerberg’s decision to donate it through a private company means he will not have to face as much public scrutiny over who he awards the money to.
Zuckerberg, 31, has set up a limited liability company which needs less public disclosure than a non-profit organisation.
It means his Chan Zuckerberg Initiative – set up with wife Priscilla Chan, 31, after the birth of their daughter Maxima last week – can avoid federal rules that state it must donate at least 5 percent of its £660 million yearly endowment to charity.
This gives Zuckerberg more flexibility to invest in for-profit enterprises and to support political causes, something charities cannot easily do. He will not have to disclose details of the company’s financial affairs and can disburse a profit if he chooses.
A Facebook spokesman said: “As Mark and Priscilla have made clear, they believe the mission is best advanced by a combination of activities, including funding non-profit organisations, making private investments and participating in policy debates.”DAILY MAIL