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#Zuckerberg Forced to Defend Himself Against Critics After His Share #Donation Pledge

Daily Dot
Max Zuckerberg isn't even a week old and already she has a fume of controversy following her around. Almost immediately after her birth, her parents pledged to donate 99% of their stake in Facebook to better causes over the course of the rest of their lives. Rather than nominating a particular charity, the couple elected to donate it all to the Chan Zuckerberg Initiative, and LLC designed to distribute money to causes which will help provide a better world for future generations. These range from environmental conservation, healthcare research, diplomacy and more.

This, evidently, wasn't good enough for a lot of people, as Zuckerberg has been met with fierce criticism in the wake of the announcement. The biggest, ugliest one is tax, taxing on charities is fairly straight forward and above board, but LLCs have certain tax exemption clauses which could, theoretically, allow Zuckerberg to avoid paying tax on any of the shares he donates. This looks even worse when you remember that the company has already been caught avoiding paying tax in the UK.

On Thursday, Zuckerberg took to Facebook to defend the decision, and assure people that neither he nor his wife, Priscilla Chan, wouldn't be taking advantage of tax deductions on their donations. He claims that, in fact, using an LLC affords less tax benefit than if they had just registered it as a normal charity, and it was always going to be a system of investment rather than a system of donation.

I want to thank you all for your heartwarming congratulations on Max's birth and on starting the Chan Zuckerberg...
Posted by Mark Zuckerberg on Thursday, 3 December 2015

The upshot seems to be that a traditional charity model simply would not be able to do all the things that Zuckerberg wants to do with the Initiative, particularly in terms of research. The comments on the post seem to be a fairly even split between positive and negative, and to his credit, Zuckerberg has tried to address as many as he can. The fact of the matter is, until money starts coming into the Chan Zuckerberg Initiative, and gainful progress starts being made, we simply won't know how worthwhile it is.

Callum is a film school graduate who is now making a name for himself as a journalist and content writer. His vices include flat whites and 90s hip-hop. Follow him @CallumAtSMF

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#Zuckerberg Forced to Defend Himself Against Critics After His Share #Donation Pledge Reviewed by Unknown on Monday, December 07, 2015 Rating: 5

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