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

[Snickerzz]

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.

what's wrong with max?

[Misanthrope]

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.

 

Yep and this is precisely why some governments struggle: they let rich people say "to hell with the taxes, I'll decide what charities to create or run and my money will go to them" which in turn can mean his tax obligations go towards organizations that while well intention, are usually highly wasteful and inefficient spending like 80 or 90% of the donated money in just administrative crap or worst.

 

Meanwhile the middle class folk end up being disproportionately taxed while governments are bankrupt and with trillions in debt while rich people and corporations bribe government officials (Now called "lobbying" to make it sound better in PR) and keep their tax evasion tactics.

[Vivilacqua1]

Oh well... life is strange.

 

Get it uh?

Her name's Max?

THE FEELS

[atrash]

Interesting read on this topic - "What No One Is Telling You About Mark Zuckerberg Donating 99% Of His Fortune To "Charity"

 

[NeatSquidYT]

still a garbage name.

 

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

So? There's a person in my year called Alexandra, and her nickname is Alex, but nobody cares. Even with 2 boys named Alexander in my year, nobody gives a shit. 

[Heesleemer]

the organization he brought up is an LLC not a Nonprofit. 

[Snadzies]

still a garbage name.

 

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

 

Guess we know who the bully was in school.

[escape093]

Geo

._. <(...)

 

There are people in the world called Geo. Wow.

[dalekphalm]

 

Interesting read on this topic - "What No One Is Telling You About Mark Zuckerberg Donating 99% Of His Fortune To "Charity"

 

 

Very interesting.

 

I was highly skeptical that he would give away controlling shares of his brainchild. According to google, he owns about 20% of the company in total.

[MoonSpot]

 

Interesting read on this topic - "What No One Is Telling You About Mark Zuckerberg Donating 99% Of His Fortune To "Charity"

 

 

So Steve Jobs still lives by taking over MZ's body.  I fear for the survival of the civilized governments.

[atrash]

Very interesting.

 

I was highly skeptical that he would give away controlling shares of his brainchild. According to google, he owns about 20% of the company in total.

 

Yeah sounded too good to be true. Till I saw that article, ironically on my Facebook wall. LOL.

[JAKEBAB]

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.

I never said you couldn't buy pretty much anything with $400m, I would keep $5b just because.

[Misanthrope]

I never said you couldn't buy pretty much anything with $400m, I would keep $5b just because.

 

Is it really that important to keep an extra 0 on your account if it's meaningless? I'd understand if you were to go all Elon Musk on us and fund crazy shit all around but just because? That money could do things vs again, a 0 on a bank's database.

[JAKEBAB]

Is it really that important to keep an extra 0 on your account if it's meaningless? I'd understand if you were to go all Elon Musk on us and fund crazy shit all around but just because? That money could do things vs again, a 0 on a bank's database.

Well I don't know the first thing to do with that amount of money but sure i wouldn't just leave it there forever, i'd probably pay someone to tell me what to do with it to make even more money, i just think if your donating that much is it really that bad to keep a little for your self?

[LAwLz]

So according to a reporter at Buzzfeed, as well as the Form 8-K, the money is not going into a charity organization. It is going into a Limited Liability Company (LLC).

What this means is that the billion dollars a year Zuckerberg is "giving away" will go right to his own pocket again. The money going to the Chan Zuckerberg Initiative is still his to do whatever he wants with, including buying property for himself, making investments that generates profits and so on.

 

We shouldn't grab our pitchforks and hunt him down yet, but he does not deserve any praise until we know the money goes to a good cause either. Zuckerberg is not exactly known for being a nice guy...

[Commander Llama]

Damn this is a pretty nice thing to do. I'd probably just create a dynasty that would last 1000 years or something. Maybe build a starship. Good on him!

[MrDynamicMan]

._. <(...)

There are people in the world called Geo. Wow.

better than their Latin friends, Terra.

[Khajiit Dealer]

How do I get some shares? 

[dalekphalm]

How do I get some shares? 

https://www.google.com/finance?q=NASDAQ:FB

 

You buy them. At ~$104 USD per share (plus any trading fees).

[RagnarokDel]

I'll take 1% of your 99% off your back for you Marky, dont worry about it, I'll do good stuff with it.

[christianled59]

I saw this earlier when I was looking at amd stocks. Thought about posting it. Damnit I should have

[Thronar]

http://www.techworm.net/2015/12/no-mark-zuckerberg-is-not-donating-99-of-facebook-shares-to-charity.html

 

(((Oy Vey))) 

[Burusutazu]

Oh well... life is strange.

 

Get it uh?

Her name's Max?

I find it funny that Maximum Ride came to my mind before Life is Strange...