Facebook's CEO and wife to give 99 percent of shares to couple's foundation

[jjgold]

SAN FRANCISCO (Reuters) - Mark Zuckerberg will put 99 percent of his Facebook Inc(O:FB) shares, currently worth about $45 billion, into a new philanthropy project focusing on human potential and equality, he and his wife said Tuesday in a letter to their newborn daughter.
The plan, which was posted on the Facebook founder and chief executive officer's page and has attracted more than 360,000 'likes', follows other high-profile billionaires such as Warren Buffett and Bill and Melinda Gates, who have set up foundations to dedicate their massive fortunes to philanthropic endeavors.
Zuckerberg, 31, who will control the new initiative and remain in charge of the world's largest online social network, said he would sell or give up to $1 billion in shares in each of the next three years.

[t-wizzle]

Wow.

[kidcudi92]

and non of it going to the "JJ Gold Children's Foundation" hmmmmmm...

[cashmoneyholla]

Heard it is all tax shelter bullshit. Makes more sense .

Holla

[jjgold]

Who knows..we know he is one of most generous guys ever created though

[packerd_00]

I bet in ten years will be hearing in the news that this charity was a crock of shit.

[pavyracer]

By making the shares a charity he doesn't have to pay capital gains taxes. Only loser in this case is taxpayers.

[The Giant]

What's even more amazing is a guy worth $50 billion doesn't really have the hottest wife ever.

[pavyracer]

What's even more amazing is a guy worth $50 billion doesn't really have the hottest wife ever.

Warren Buffett got the hottie.

[The Giant]

Warren Buffett got the hottie.

I just looked her up.

Billions of dollars doesn't buy what it used to buy, Pavy.

[packerd_00]

What's even more amazing is a guy worth $50 billion doesn't really have the hottest wife ever.

Hes a tight bastard I bet,these rich dudes with the hot wives no doubt end up blowing all their doe on them.

[d2bets]

What's even more amazing is a guy worth $50 billion doesn't really have the hottest wife ever.

Who gives a rats ass? Who does he need to impress by having a "hot wife?" He's obviously not shallow like many wealthy people.

[tb1984]

What's even more amazing is a guy worth $50 billion doesn't really have the hottest wife ever.

As long as he's happy... it's all that matter.

[tony_come]

Jewish guy

[ACoochy]

What's even more amazing is a guy worth $50 billion doesn't really have the hottest wife ever.

That's because he is smart...

You do right by an Asian wife and you wont have to worry about being bent over financially...

[d2bets]

That's because he is smart...

You do right by an Asian wife and you wont have to worry about being bent over financially...

He has no "financial" issues and never will. At his levels, it's just a matter of doing whatever makes him happy and fulfilled, and for him obviously a big part of that is making a real difference in the world and the future. Not too many like him. She probably shares his vision and makes him a better person.

[jjgold]

The hotter the girl you're with usually the dumber you are and all walks of life

[Ebe]

Zuckerberg a beast

[ACoochy]

He has no "financial" issues and never will. At his levels, it's just a matter of doing whatever makes him happy and fulfilled, and for him obviously a big part of that is making a real difference in the world and the future. Not too many like him. She probably shares his vision and makes him a better person.

Very true...

Its the reason why it will work. Guy has his priorities locked down...

[jjgold]

Zuckerberg a beast

yes

[Ballerholic]

make him a pro SBR

[charcoalbbq]

You guys are clueless. This stunt is nothing but a ploy to avoid paying taxes. Bill gates and Warren Buffet did the same thing. These billionaires always find a way to avoid taxes and while they do that the stupid mass of people always pat them in the back.

[Scorpion]

shes below average
D+

[goduke]

easy to give away when you still have hundreds of millions afterwards. A true charitable person is the person that gives up that wealth to live with average means. Then this would be a wow but all it really is, is a guy who has more money then he can spend

[grease lightnin]

What is the point of announcing this to the public? If you want to give your money away, just do it. Guy wants a pat on the back. Fukk him.

[manny24]

attention whores

[freeVICK]

Lol at "donating" billions to a charity he owns and runs. AKA giving money to himself to avoid taxes

[CappinTerp]

What's even more amazing is a guy worth $50 billion doesn't really have the hottest wife ever.

Maybe she swallows the whole lode every time.... The definition of a perfect 10 = a 2 that swallows!

[d2bets]

easy to give away when you still have hundreds of millions afterwards. A true charitable person is the person that gives up that wealth to live with average means. Then this would be a wow but all it really is, is a guy who has more money then he can spend

Who does that? Who has ever done that? I'd say giving up 45 out of 46 billion is pretty significant.

[d2bets]

What is the point of announcing this to the public? If you want to give your money away, just do it. Guy wants a pat on the back. Fukk him.

Who would not announce a 45 BILLION DOLLAR initiative. That stuff don't happen in secret. If he didn't announce, it would be discovered and then you'd be suspicious. Of course he's going to announce it.

[jjgold]

AN FRANCISCO/BENGALURU (Reuters) - Facebook Inc (O:FB) Chief Executive Mark Zuckerberg said on Thursday he and his wife would receive no tax benefit from setting up their new philanthropic endeavor as a limited liability company and hinted at the types of efforts it would support.
In a post on his Facebook page, he wrote that "just like everyone else, we will pay capital gains taxes when our shares are sold by the LLC."
While reiterating that the entity, called the Chan Zuckerberg Initiative, would focus on areas like education and disease, he indicated the efforts would be similar to philanthropy he and his wife, Priscilla Chan, had already supported.
Their recent donations include $20 million to Education Super Highway, which helps connect classrooms to the Internet, and a new acute care and trauma center at San Francisco General Hospital, where Chan works as a pediatrician. Chan and Zuckerberg said on Tuesday that 99 percent of the stock they hold in Facebook would go toward the philanthropic project over their lifetimes. At the stock's current price, that stake is worth $45 billion.
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.

[TheMoneyShot]

Does anyone remember when facebook was created... and everyone was afraid to put up profile photos? I remember creating a profile when it first came out. Thought the website was a pos. 2 Years later.... I hear radio advertisements talking about facebook. Log back in... and it was semi popular. Then about 90 days later... it seemed like everyone made a profile in the universe.

I'm still trying to figure out how the guy made it interesting???? When it was first released.... myspace was 10X better than facebook. Just saying... in case people forgot.

[tony_come]

He's Jewish

She's Chinese

Period!

[jjgold]

Does anyone remember when facebook was created... and everyone was afraid to put up profile photos? I remember creating a profile when it first came out. Thought the website was a pos. 2 Years later.... I hear radio advertisements talking about facebook. Log back in... and it was semi popular. Then about 90 days later... it seemed like everyone made a profile in the universe.

I'm still trying to figure out how the guy made it interesting???? When it was first released.... myspace was 10X better than facebook. Just saying... in case people forgot.

One of best business guys of all times

By the way facebook??

Lol.....people put their whole lives up there...insecurity at its best

[runner5k]

Smart money move by him. Poor kid can't wait when she grows up and realizes she was just a tax shelter all along.