News News Blog: Mark Zuckerberg

Is Facebook CEO Mark Zuckerberg REALLY about to hand back MILLIONS to users?

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<tr><td class="tr-caption" style="text-align: center;">Facebook CEO Mark Zuckerberg is handing back MILLIONS to users, according to a scam viral campaign</td></tr>
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FACEBOOK CEO Mark Zuckerberg is handing out some of $45 billion he pledged to charitable causes directly to Facebook users, according to a series of popular social media posts.</div>
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Facebook CEO Mark Zuckerberg is reportedly handing out billions of dollars to random social media users as part of his latest philanthropic endeavour, according to a series of viral social media posts.</div>
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Unfortunately the hugely popular Facebook posts are part of an elaborate hoax, which comes almost a week after Mark Zuckerberg and paediatrician wife Priscilla Chan announced plans to donate 99 per cent of their Facebook stock to charity.</div>
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The couple plan to donate the stock – currently valued at a staggering $45 billion, some £30billion – in the name of their baby daughter, Max.</div>
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But accruing to the latest hoax posts, Mr Zuckerberg plans "to give 10 per cent of it away to people like YOU and ME!"</div>
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One example of the hoax post says that Facebook users have to "copy and paste this message into a post IMMEDIATELY and tag 5-10 of your friends.</div>
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"At midnight PST, Facebook will search through the day's posts and award 1,000 people with $4.5 million EACH as a way of saying thank you for making Facebook such a powerful vehicle for connection and philanthropy."</div>
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"I hope someone I know gets a piece of the pie," the viral post continues "let me know if you do!"</div>
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Unfortunately for those hoping for a Facebook-funded Christmas bonus, a spokesperson for the hugely successful social network confirmed the post is part of an elaborate hoax.</div>
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<tr><td class="tr-caption" style="text-align: center;">An example of one of the viral posts circulating on Facebook this week </td></tr>
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This is not the first time a scam campaign has taken Facebook by storm.</div>
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Social media users claimed the US firm was testing a new "dislike" button back in September and shared a bogus firm to gain access to a beta program.</div>
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Meanwhile, Mark Zuckerberg and Priscilla Chan's philanthropic donation <a href="http://www.express.co.uk/life-style/science-technology/624226/Facebook-Mark-Zuckerberg-NOT-Donate-Billions-Charity-LLC-Foundation">has been blasted by critics</a> after the Silicon Valley couple decided to establish their <a href="http://www.express.co.uk/life-style/science-technology/624226/Facebook-Mark-Zuckerberg-NOT-Donate-Billions-Charity-LLC-Foundation">charitable endeavour as a limited liability company, rather than a foundation</a>.</div>
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Setting up the Chan Zuckerberg Initiative as a limited liability company – or LLC – allows the Zuckerberg couple a greater freedom to use their money as they please.</div>
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<tr><td class="tr-caption" style="text-align: center;">Mark Zuckerberg and paediatrician wife Priscilla Chan will donate 99 per cent of their shares </td></tr>
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Charitable foundations – like the Bill and Melinda Gates Foundation, another philanthropic project by a prominent technology entrepreneur – cannot invest in any for-profit businesses and are unable to engage in political lobbying under US law.<br />
<section class="text-description">However – as an LLC – the Chan Zuckerberg Initiative will be able to turn a profit, invest in profitable firms and make donations to politicians.</section><section class="text-description">Some critics also questioned whether there would be tax benefits to Mr Zuckerberg and Ms Chan donating their Facebook shares to an LLC instead of a charitable foundation. </section><section class="text-description"><div class=" fb_reset" id="fb-root">
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<div class="fb-post" data-href="https://www.facebook.com/zuck/posts/10102515547429581" data-width="500">
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<blockquote cite="https://www.facebook.com/zuck/posts/10102515547429581">
Full of joy with little Max.<br />
Posted by <a href="https://www.facebook.com/zuck">Mark Zuckerberg</a> on <a href="https://www.facebook.com/zuck/posts/10102515547429581">Tuesday, December 8, 2015</a></blockquote>
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Facebook co-founder Zuckerberg has been forced to defend his decision to establish the Chan Zuckerberg Initiative as an LLC.</section><section class="text-description">In a post on his Facebook page, he wrote that "just like everyone else, we will pay capital gains taxes when our shares are sold by the LLC."</section><section class="text-description">"By using an LLC instead of a traditional foundation, we receive no tax benefit from transferring our shares to the Chan Zuckerberg Initiative, but we gain flexibility to execute our mission more effectively," he added.</section><section class="text-description">"If we transferred our shares to a traditional foundation then we would have received an immediate tax benefit, but by using an LLC we do not."</section>

Is Facebook CEO Mark Zuckerberg REALLY about to hand back MILLIONS to users?

Facebook CEO Mark Zuckerberg is handing back MILLIONS to users, according to a scam viral campaign FACEBOOK CEO Mark Zuckerberg is hand...

Why didn't Facebook CEO Mark Zuckerberg just donate his billions to charity?

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<tr><td class="tr-caption" style="text-align: center;">Facebook co-founder Mark Zuckerberg has faced a backlash over his new charity initiative </td></tr>
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FACEBOOK CEO Mark Zuckerberg has refuted claims his new charitable endeavour is an elaborate scheme to avoid paying tax in the United States.</div>
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Mark Zuckerberg<a href="http://newsnewsblog.blogspot.com/2015/12/facebook-ceo-mark-zuckerberg-is-dad-and.html"> this week announced that he and his wife Priscilla Chan would donate 99 per cent of their Facebook shares –</a> currently valued at a staggering $45 billion, some £30billion – to "advancing human potential" and "promoting equality."</div>
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The hugely successful couple, who recently welcomed their first child Max, will donate the majority of their wealth over the course of their lives.</div>
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On the surface, the generous gesture appeared to be the latest in a string of philanthropic endeavours kickstarted by successful technology entrepreneurs.</div>
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But critics have blasted 31-year-old Mr Zuckerberg for establishing his philanthropic project as a limited liability company rather than a charitable foundation.</div>
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Setting up the Chan Zuckerberg Initiative as a limited liability company – or LLC – allows the Zuckerberg couple a greater freedom to use their money as they please.</div>
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<tr><td class="tr-caption" style="text-align: center;">Microsoft founder Bill Gates with wife Melinda Gates, who started a charitable foundation in 2000</td></tr>
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Charitable foundations – like the Bill and Melinda Gates Foundation, another philanthropic project by a prominent technology entrepreneur – cannot invest in any for-profit businesses and are unable to engage in political lobbying under US law.</div>
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However – as an LLC – the Chan Zuckerberg Initiative will be able to turn a profit, invest in profitable firms and make donations to politicians.</div>
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Some critics also questioned whether there would be tax benefits to Mr Zuckerberg and Ms Chan donating their Facebook shares to an LLC instead of a charitable foundation. </div>
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Facebook co-founder Zuckerberg has been forced to defend his decision to establish the Chan Zuckerberg Initiative as an LLC.</div>
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In a post on his Facebook page, he wrote that "just like everyone else, we will pay capital gains taxes when our shares are sold by the LLC."</div>
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"By using an LLC instead of a traditional foundation, we receive no tax benefit from transferring our shares to the Chan Zuckerberg Initiative, but we gain flexibility to execute our mission more effectively," he added.</div>
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"If we transferred our shares to a traditional foundation then we would have received an immediate tax benefit, but by using an LLC we do not."</div>
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<tr><td class="tr-caption" style="text-align: center;">Mark Zuckerberg and wife Priscilla Chan will donate 99 per cent of their Facebook shares</td></tr>
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<tr><td class="tr-caption" style="text-align: center;">Mark Zuckerberg and wife Priscilla Chan made the announcement after the birth of their first child </td></tr>
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Mr Zuckerberg also addressed criticism that – unlike the Bill and Melinda Gates Foundation – his own Chan Zuckerberg Initiative is able to invest in profitable firms and political donations.</div>
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He posted: "This enables us to pursue our mission by funding nonprofit organisations, making private investments and participating in policy debates — in each case with the goal of generating a positive impact in areas of great need. </div>
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"Any net profits from investments will also be used to advance this mission."</div>
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Writing on his Harvard University blog, Dr Philip Greenspun argues that the LLC could be an Estate Tax avoidance scheme for Mark Zuckerbeg and Priscilla Chan's first child, Max.</div>
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"Let’s suppose that Baby Max owns shares in this LL," he writes.</div>
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"If she acquires them today, before any Facebook stock or proceeds from selling Facebook stock are transferred in, she hasn’t received anything of value and has no tax liability.</div>
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 </div><div class="p402_hide htmlappend"><section class="text-description"><vcenter><iframe name="f13260ad3" width="1000px" height="1000px" frameborder="0" allowtransparency="true" allowfullscreen="true" scrolling="no" title="fb:post Facebook Social Plugin" src="http://www.facebook.com/v2.3/plugins/post.php?app_id=249643311490&channel=http%3A%2F%2Fstatic.ak.facebook.com%2Fconnect%2Fxd_arbiter%2FTlA_zCeMkxl.js%3Fversion%3D41%23cb%3Df1d68018e4%26domain%3Drecode.net%26origin%3Dhttp%253A%252F%252Frecode.net%252Ff11db2780%26relation%3Dparent.parent&container_width=0&href=https%3A%2F%2Fwww.facebook.com%2Fzuck%2Fposts%2F10102507695055801%3Fpnref%3Dstory&locale=en_US&sdk=joey" style="border: none; visibility: visible; width: 552px; height: 284px;" class=""></iframe></center></section></div>
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"The LLC can invest its assets however it wants to, e.g., it could buy shares in an Ireland-based pharma company or fund a startup medical device firm in Singapore or China. </div>
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"If those investments prove more productive than Zuckerberg’s adventure in the Newark public school system, Grown-up Max will own a stake in something worth tens of billions of dollars."</div>
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"Can it truly be this simple to say goodbye to $18 billion in federal estate taxes (plus potentially additional state estate taxes, depending on where the happy parents choose to live out their golden years)?"</div>
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In his second Facebook post, Mr Zuckerberg also opened up about where some of the $45 billion donation would be used.</div>
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He reiterated that the Chan Zuckerberg Initiative will be focused on areas like education and disease.</div>
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However Mr Zuckerberg also indicated the efforts would be similar to philanthropy he and his wife, Priscilla Chan, had already supported.</div>
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Their recent donations include $20 million to EducationSuperHighway – which helps connect classrooms to the Internet – and a new acute care and trauma centre at San Francisco General Hospital, where Chan works as a paediatrician.</div>
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Chan and Zuckerberg said on Tuesday that 99 percent of the stock they hold in Facebook would go toward the philanthropic project over their lifetimes.</div>
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Responding to a comment he would pay "ZERO tax" for the initiative's investments that was made in reply to his Facebook post on Thursday, Zuckerberg denied that was the case.</div>
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"Please don't spread inaccurate information," he posted.</div>

Why didn't Facebook CEO Mark Zuckerberg just donate his billions to charity?

Facebook co-founder Mark Zuckerberg has faced a backlash over his new charity initiative FACEBOOK CEO Mark Zuckerberg has refuted claim...

Facebook CEO Mark Zuckerberg is a dad, and he's giving away most of his money

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<tr><td class="tr-caption" style="text-align: center;">Dec. 1, 2015: Mark Zuckerberg and Priscilla Chan announce the birth of their daughter Max. (Courtesy of Mark Zuckerberg) </td></tr>
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<span class="dateline">SAN FRANCISCO –  </span>Talk about birth announcements: Facebook CEO Mark Zuckerberg and his wife said they'll devote nearly all their wealth — roughly $45 billion — to good works in celebration of their new baby daughter, Max.</div>
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Zuckerberg's wife, Priscilla Chan, gave birth to a 7-pound, 8-ounce daughter last week. But the couple didn't put out the news until Tuesday, when <a href="https://www.facebook.com/notes/mark-zuckerberg/a-letter-to-our-daughter/10153375081581634?pnref=story" target="_blank">Zuckerberg posted it</a> on — of course — Facebook.</div>
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In the same post, Zuckerberg said he and Chan will, over time, commit 99 percent of their Facebook stockholdings to such causes as fighting disease, improving education and "building strong communities." The couple had previously pledged to give away at least half their assets during their lifetime, but hadn't provided specifics.</div>
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They are forming a new organization, called the Chan Zuckerberg Initiative, that will pursue those goals through a combination of charitable donations, private investment and promotion of government-policy reform.</div>
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"Like all parents, we want you to grow up in a world better than ours today," the 31-year-old social media mogul and his wife wrote in a letter to their daughter, which they also posted on Facebook.</div>
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The announcement stunned the charity world. "It's incredibly impressive and an enormous commitment that really eclipses anything that we've seen in terms of size," said Phil Buchanan, president of the nonprofit Center for Effective Philanthropy.</div>
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By comparison, the Bill and Melinda Gates Foundation has an endowment of just over $41 billion, which includes wealth donated by the Microsoft founder and his friend, the businessman Warren Buffett.</div>
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The new initiative will be organized as a limited liability company, however, rather than as a nonprofit foundation. "They want the most flexibility and they are going to use a wide variety of activities to achieve their mission," Rachael Horwitz, a Facebook spokeswoman, said via email. "So in that way this is not a foundation nor is it entirely charitable."</div>
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The notion of investing money in companies that tackle social issues isn't new, but it has gained more currency among a younger generation of philanthropists, particularly in the tech world.</div>
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Zuckerberg has also shown a previous interest in influencing public policy. He led other prominent Silicon Valley figures in forming a group, FWD.us, that lobbied and gave donations to congressional candidates in an unsuccessful effort to promote immigration reforms. Depending on how much of the new effort is devoted to lobbying, it could raise new questions about the influence of money in today's politics, some experts said.</div>
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In the letter to their daughter, Zuckerberg and Chan described their goals as "advancing human potential and promoting equality." They added: "We must make long term investments over 25, 50 or even 100 years. The greatest challenges require very long time horizons and cannot be solved by short term thinking."</div>
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While Zuckerberg promised to release more details in the future, he said the couple will transfer most of their wealth to the initiative "during our lives." The couple will be in charge of the initiative, although Zuckerberg won't be quitting his day job.</div>
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"I have a full time job running Facebook," he told The Associated Press in an interview last month, during which he discussed the couple's approach to philanthropy. Of his job at the social network, he added, "I'm going to be doing this for long time."</div>
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The Facebook co-founder is one of the world's wealthiest men. He and Chan, a 30-year-old pediatrician, have previously donated $100 million to public schools in Newark, New Jersey, and pledged $120 million to schools in poor communities of the San Francisco Bay Area. They've also given $75 million to the Zuckerberg San Francisco General Hospital, where Chan did her medical training.</div>
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In a statement, Facebook said the couple's plan to transfer their shares over time won't affect his status as controlling shareholder of the company. The company said Zuckerberg has committed to dispose of no more than $1 billion of Facebook stock every year for the next three years.</div>
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Zuckerberg and Chan had announced on Facebook last July that they were expecting a daughter, after Chan had three previous miscarriages. Horwitz said the baby was born early last week, but declined to say which day.</div>
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"Mom and baby are both healthy and doing well," Horwitz added. Zuckerberg has said he plans to take two months of paternity leave.</div>

Facebook CEO Mark Zuckerberg is a dad, and he's giving away most of his money

Dec. 1, 2015: Mark Zuckerberg and Priscilla Chan announce the birth of their daughter Max. (Courtesy of Mark Zuckerberg) SAN FRANCISC...

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