Facebook co-founder and CEO, Mark Zuckerberg, and his wife announced that they would be giving 99 percent of their Facebook shares to charitable purposes during their lifetime.
This will be done through the Chan Zuckerberg Initiative, which will manage the money through an unusual limited liability corporate structure. Things they will put the current $45 billion holdings toward include, personalized learning, during disease, connecting people and building strong communities.
The reason for started an initiative, which will be a limited liability company instead of a nonprofit corporation or foundation, the Zuckerberg’s will be able to invest in companies, lobby for legislation and seek to influence public policy debates. The profits will go directly back into the Chan Zuckerberg Initiative.
While Silicone Valley does produce a large sum of dollars towards philanthropic efforts, nothing compares to amount of effort that will be demonstrated by the Chan Zuckerberg Initiative.
Back in 2010, Zuckerberg and Dr. Chan gave $100 million to improve public high schools in Newark. The money ended up high-performing charter schools, but then received a large amount of backlash from parents, community activists and unions – a learning experience for Zuckerberg. Before the announcement of their new initiative, the Zuckerberg family has previously donated about $1.6 billion to charitable endeavors.
Many CEOs have praised Zuckerberg for being so intentional about his earnings, especially at such young age. They hope that this is a lesson for other successful entrepreneurs in Silicon Valley and worldwide.