Facebook's Mark Zuckerberg to give away 99% of shares

[PCBjon]

 

Facebook's Mark Zuckerberg and his wife Priscilla Chan say they will give away 99% of their shares in the company to good causes as they announce the birth of their daughter Max.

 

 

Mr Zuckerberg said the donation currently amounts to $45bn (£30bn)

 

Seems like a nice thing to do but I highly doubt he be out of pocket anytime soon.

 

Source

http://www.bbc.com/news/world-us-canada-34978249

[iCrushDreams]

Wow. That's extremely generous.

[PlayStation 2]

45 billion. Motherfucking. Dollars.

 

see, this is the business i need to get into

[Atmos]

I was about to say what a good guy. 

Then i realized he has scarred his daughter for life by giving her the name Max.

 

GG Z-Man.

Now stop trying to peddle your ads to africa and india.

[Lethal Seraph]

Interesting.

[Cheddle]

buying me a few more 980ti's is a good cause . whadaya say ol' mate, Mark? 

[qwertywarrior]

lol ....max?

[SurvivorNVL]

I approve of the name and I approve of the 45 billion.  I also now have the urge to make a charity.

[EvilLemur]

he is donating 45 billion to the Chan Zuckerberg Initiative so he is donating the money to himself lmao and im sure max is short for Maxine.

[SImoHayha]

lol ....max?

You be surprised that many females are given male names.

 

Or given a unisex name. 

 

Alex

Geo

Max

[Thony]

They shouldnt give it away. They should create an organisation for helping people and use their shares as resources. 

[Gale]

They shouldnt give it away. They should create an organisation for helping people and use their shares as resources. 

 

That's pretty much what they are doing. It's not like they are giving the shares away to random people on the street.

[patrickjp93]

I was about to say what a good guy. 

Then i realized he has scarred his daughter for life by giving her the name Max.

 

GG Z-Man.

Now stop trying to peddle your ads to africa and india.

As in Maxine.

[qwertywarrior]

You be surprised that many females are given male names.

 

Or given a unisex name. 

 

Alex

Geo

Max

ye

[EChondo]

Supposedly after this happens him and his family will have only ~$425 million at their disposal.

[JAKEBAB]

Supposedly after this happens him and his family will have only ~$425 million at their disposal.

That's stupid i'd at least keep $5 billion.

[Atmos]

As in Maxine.

still a garbage name.

 

And that still means her nickname is Max bruh...

[Cheddle]

he should have poured it all into oculus tbh. that's a charity... right?

[RagnarokDel]

Seems like a nice thing to do but I highly doubt he be out of pocket anytime soon.

 

Source

http://www.bbc.com/news/world-us-canada-34978249

1% still means he's got like 300 million left.

[Bouzoo]

One thing should be pointed out, it will be $45 billion during his lifetime, it will be 3 annual donations which should be no more than $1 billion per year. That's according to The Verge.

Iirc if he donates to charity he should be freed from taxes or something like that? How does that go? 

[Nineshadow]

Oh well... life is strange.

 

Get it uh?

Her name's Max?

[Curufinwe_wins]

I mean you guys remember the Buffet/Gates pledge? This is simply an extension of that.

They really got the ball moving.

[dalekphalm]

One thing should be pointed out, it will be $45 billion during his lifetime, it will be 3 annual donations which should be no more than $1 billion per year. That's according to The Verge.

Iirc if he donates to charity he should be freed from taxes or something like that? How does that go? 

Generally speaking, charitable donations act as tax credits. The specific legalities of it will depend on the local tax laws if his country/state. In many places, there is a maximum cap of how much of a tax credit you get. In other places, you can effectively get a 100% tax credit (eg: Pay no taxes) by donating at least that much to a charity.

 

So he'll still be paying the same amount of money. Just that he's paying it towards a charity instead of in taxes.

 

Personally, I hope he still pays some taxes. Donating a ton of money to charity is great, but taxes are crucial to modern society, and he'll still have over $400m USD worth of money leftover, which should be taxed appropriately. Give him a tax break, but not zero taxes.

[Bouzoo]

Generally speaking, charitable donations act as tax credits. The specific legalities of it will depend on the local tax laws if his country/state. In many places, there is a maximum cap of how much of a tax credit you get. In other places, you can effectively get a 100% tax credit (eg: Pay no taxes) by donating at least that much to a charity.

 

So he'll still be paying the same amount of money. Just that he's paying it towards a charity instead of in taxes.

 

Personally, I hope he still pays some taxes. Donating a ton of money to charity is great, but taxes are crucial to modern society, and he'll still have over $400m USD worth of money leftover, which should be taxed appropriately. Give him a tax break, but not zero taxes.

 

If other sources are to be believed, he'll have a lot more, he'll be donating $1 billion max each year, he'll earn it in no time.

[Misanthrope]

That's stupid i'd at least keep $5 billion.

 

Why? What possible personal necessities and even luxuries you think won't be cover by having 400 million dollars at your disposal? Even by just collecting 1% interest on it per year he'd be making 4 million a year, he's still basically a millionaire no matter what.

 

Plus this doesn't means he loses assets like mansions and such so basically you'd have 4 million a year to maintain stuff and 400 million in case you just gotta have a new Ferrari...for each member of his family....yearly....until all of them die. He's still wealthier than what most millionaires aspire to be.