Where Mark Zuckerberg’s Facebook shares donation is goingComments Off on Where Mark Zuckerberg’s Facebook shares donation is going
Mark Zuckerberg has pledged to give away 99% of his Facebook shares, worth $45 billion (£30 billion) today, through an entity he set up with his wife Prescilla Chan.
But what is it and what does it support?
The Chan Zuckerberg Initiative is a limited liability company rather than a charity or charitable trust.
Legal filings show that it is owned and controlled by Zuckerberg.
A spokesperson has confirmed to Buzzfeed that as a company, the Initiative can spend its money on whatever it wants – including private, profit-generating investment.
“The Chan Zuckerberg Initiative will pursue its mission by funding non-profit organizations, making private investments and participating in policy debates, in each case with the goal of generating positive impact in areas of great need,” the spokesperson said.
“Any profits from investments in companies will be used to fund additional work to advance the mission.”
So far its investments have included $20 million to help connect American classrooms to fast and reliable internet, $5 million in MasteryConnect, a teaching software and $15 million in AltSchool, an education initiative focussing on personalised learning and technology.
In announcing his plans to give away the majority of his Facebook stake, 31-year-old Zuckerberg said the funds would serve the following “missions”: personalised learning, curing disease, connecting people and building strong communities.