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> You do realize that Zuck has pledged away 99% of his wealth? He hasn't. He has pledged to donate 99% of his wealth to a private, for-profit organization that

> You do realize that Zuck has pledged away 99% of his wealth? He hasn't. He has pledged to donate 99% of his wealth to a private, for-profit organization that he owns. I also pledge to donate 99% of my wealth to my bank account.

niij 9y ago
>He hasn't. He has pledged to donate 99% of his wealth to a private, for-profit organization that he owns. I initially thought you were being overly critical here. It looks like you're right, the "Initiative" he created is an LLC and not a non-profit. https://en.wikipedia.org/wiki/Chan_Zuckerberg_Initiative#Company_form_and_taxation https://en.wikipedia.org/wiki/Chan_Zuckerberg_Initiative#Com...
- ucaetano 9y ago
  Yep, and not his first rodeo either. Remember the "Internet.org", a for-profit initiative that is part of Facebook? Putting ".org" in something for-profit that tries to achieve monopoly is as dishonest as it gets...
- 734786710934 9y ago
  If you read higher up in that wiki it lists all of the money the initiative has given away so far. I'm not sure why people think that the LLC doesn't give away money.
  - ucaetano 9y ago
    The issue isn't that the LLC doesn't give away money. The issue is that it is a LLC.
  - mistermann 9y ago
    That's called influence, changing people's minds with relatively small amounts of money. And it works.
    - mistermann 9y ago
      Changing people's minds is no longer considered influential?
Method-X 9y ago
Interesting tax avoidance strategy. Any idea if this is also what Bill Gates is doing?
- ucaetano 9y ago
  His and his wife's is a proper foundation: https://en.wikipedia.org/wiki/Bill_%26_Melinda_Gates_Foundation https://en.wikipedia.org/wiki/Bill_%26_Melinda_Gates_Foundat... The money is out of their hands, and can't be distributed back to them.
  - coliveira 9y ago
    Even in that case, he and his family will for a long time have the political benefit of deciding how the money will be spent. And political advantages usually translate into economical advantages, so it can also be viewed as a scheme at some level.
    - ucaetano 9y ago
      Oh, sure, I'm not saying he is a saint or anything. But Gate's actions are very, very different than "I'm donating to a company I own and calling it an 'initiative'" Zuckerberg. That's a whole new level of dishonesty.
    - landryraccoon 9y ago
      I don't think this cynicism is warranted. No matter how much benefit you think the goodwill of others is towards you for giving away your money, is dwarfed by the benefit of having billions of dollars. If the political benefit really outweighed the costs, then every single billionaire would be doing the same thing, purely out of selfish interest. How many of them are?
      - ucaetano 9y ago
        > If the political benefit really outweighed the costs, then every single billionaire would be doing the same thing, purely out of selfish interest. Well, they are doing for the selfish interest of feeling and looking good. And I'm completely ok with that!
seem_2211 9y ago
I'm also happy to give away every dollar I earn, once I have $440m in my bank account.

niij 9y ago

>He hasn't. He has pledged to donate 99% of his wealth to a private, for-profit organization that he owns. I initially thought you were being overly critical here. It looks like you're right, the "Initiative" he created is an LLC and not a non-profit. https://en.wikipedia.org/wiki/Chan_Zuckerberg_Initiative#Company_form_and_taxation https://en.wikipedia.org/wiki/Chan_Zuckerberg_Initiative#Com...

ucaetano 9y ago
Yep, and not his first rodeo either. Remember the "Internet.org", a for-profit initiative that is part of Facebook? Putting ".org" in something for-profit that tries to achieve monopoly is as dishonest as it gets...
734786710934 9y ago
If you read higher up in that wiki it lists all of the money the initiative has given away so far. I'm not sure why people think that the LLC doesn't give away money.
- ucaetano 9y ago
  The issue isn't that the LLC doesn't give away money. The issue is that it is a LLC.
- mistermann 9y ago
  That's called influence, changing people's minds with relatively small amounts of money. And it works.
  - mistermann 9y ago
    Changing people's minds is no longer considered influential?

Method-X 9y ago

Interesting tax avoidance strategy. Any idea if this is also what Bill Gates is doing?

ucaetano 9y ago
His and his wife's is a proper foundation: https://en.wikipedia.org/wiki/Bill_%26_Melinda_Gates_Foundation https://en.wikipedia.org/wiki/Bill_%26_Melinda_Gates_Foundat... The money is out of their hands, and can't be distributed back to them.
- coliveira 9y ago
  Even in that case, he and his family will for a long time have the political benefit of deciding how the money will be spent. And political advantages usually translate into economical advantages, so it can also be viewed as a scheme at some level.
  - ucaetano 9y ago
    Oh, sure, I'm not saying he is a saint or anything. But Gate's actions are very, very different than "I'm donating to a company I own and calling it an 'initiative'" Zuckerberg. That's a whole new level of dishonesty.
  - landryraccoon 9y ago
    I don't think this cynicism is warranted. No matter how much benefit you think the goodwill of others is towards you for giving away your money, is dwarfed by the benefit of having billions of dollars. If the political benefit really outweighed the costs, then every single billionaire would be doing the same thing, purely out of selfish interest. How many of them are?
    - ucaetano 9y ago
      > If the political benefit really outweighed the costs, then every single billionaire would be doing the same thing, purely out of selfish interest. Well, they are doing for the selfish interest of feeling and looking good. And I'm completely ok with that!

seem_2211 9y ago

I'm also happy to give away every dollar I earn, once I have $440m in my bank account.