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Zuck still is running the company. This change means that he can keep doing that while also donating 99% of his stock to charity.
by artemisyna 10y ago
Zuck still is running the company. This change means that he can keep doing that while also donating 99% of his stock to charity.
- throwaway_xx9 10y agoHe's not "donating 99% of his stock to charity." He's setting up a non-taxable charity vehicle that he controls.
- sleepychu 10y agoHis original announcement said it wasn't a charity so he could lobby governments. Has he since said something to the contrary?
- tomelgin 10y agoIt is a taxable LLC. He doesn't get the tax-benefits of setting up a nonprofit, but he has much more freedom in how to use the money (e.g. including making investments vs donations, and including non-tax-deductible political activism). https://en.wikipedia.org/wiki/Chan_Zuckerberg_Initiative#Company_form_and_taxation https://en.wikipedia.org/wiki/Chan_Zuckerberg_Initiative#Com...
- thrusong 10y agoI get all of that, but why does the headline say "he gets to run the company a while longer?" That makes it sound like he's a detriment to the company.
- artemisyna 10y agoUnder the previous stock arrangement, he wouldn't have been able to both donate his stock and keep control of the company. I can see how the headline could be interpreted as Zuck being detrimental, but I don't think that was the intent.
- thrusong 10y agoAhh, OK. It seemed like some of the comments were echoing the headline.