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The Chan Zuckerberg Initiative's mission is to shelter most of Zuck's wealth from taxation while ensuring that he and his wife retain as much control over it as
by RodgerTheGreat 6y ago
The Chan Zuckerberg Initiative's mission is to shelter most of Zuck's wealth from taxation while ensuring that he and his wife retain as much control over it as possible. Facebook's negative externalities are orthogonal to this mission.
- liamcardenas 6y agoIt’s a for-profit LLC[1], not sure how he would be sheltering wealth... [1] https://en.m.wikipedia.org/wiki/Chan_Zuckerberg_Initiative https://en.m.wikipedia.org/wiki/Chan_Zuckerberg_Initiative
- ryan93 6y agoIf the money is going to actual scientists who cares that he controls it. Its his money!
- llukas 6y agoIt is no longer his money after donating to the foundation. He ceded control of the money in order to get certain tax benefits.
- ryan93 6y agoWhat are you talking about. He decides where the money goes even when it’s in the foundation. He gets tax benefits for giving it to things considered charitable by the government.
- llukas 6y agoDid they stop teaching civics in class? https://chanzuckerberg.com/grants-ventures/grants/ https://chanzuckerberg.com/grants-ventures/grants/ "Grants are awarded via three funding entities: the Chan Zuckerberg Foundation, a 501(c)3 private foundation; the Chan Zuckerberg Initiative Donor-Advised Fund (DAF) at the Silicon Valley Community Foundation; and Chan Zuckerberg Advocacy, a 501(c)4 organization." Now please do check how money needs to be spent by 501(c)3: https://www.irs.gov/charities-non-profits/charitable-organizations/exemption-requirements-501c3-organizations https://www.irs.gov/charities-non-profits/charitable-organiz... He still has significant control and influence that can be exerted by foundation. Yet, buying lambo or yacht with this money is harder.
- ComputerGuru 6y agoHe does not need to buy a Lamborghini or a yacht with that money: there are plenty of other ways to use money to secure power or influence that do not involve the purchase of physical things.
- llukas 6y ago> He still has significant control and influence that can be exerted by foundation. You do not agree with this part or just to want to highlight influence part?
- ComputerGuru 6y agoI agree with that part but I disagree that the inability to purchase an expensive car with that money in any way matters at his scale.
- aliswe 6y agoFirst line of your comment is very representative of what I hate with HN. So elitistic, patronizing and snarky
- llukas 6y agoAt least in my country: civics now are focused on entrepreneurship and not actual civics unlike in the past.
- austenallred 6y agoGiving your wealth away may make it so you don’t have to pay taxes on it but it’s not really a “shelter”
- rmrfstar 6y agoZuckerberg net worth: ~$78b. Mean US neurosurgeon annual income: ~$600k So Zuckerberg is worth 130K neurosurgeon-years. Neurosurgeons are the highest compensated surgery specialty [1]. In the US there are a total of 50k surgeons of any type [2]. Does anyone think that Zuckerberg created, with his own hands, >=3x the annual economic output of all US surgeons? [1] https://medium.com/nomad-health/complete-list-of-average-doctor-salaries-by-specialty-e2bbbc0a6186 https://medium.com/nomad-health/complete-list-of-average-doc... [2] https://www.statista.com/statistics/209424/us-number-of-active-physicians-by-specialty-area/ https://www.statista.com/statistics/209424/us-number-of-acti...
- imgabe 6y agoNeurosurgeons can only work on one patient at a time. Facebook serves over a billion people, so yes that is entirely possible.
- ihm 6y agoDid Mark Zuckerberg make Facebook all by himself?
- imgabe 6y agoNobody ever claimed he did. His net worth is, at the moment, ~11.6% of the total market cap of Facebook. Do you think the other people who helped create Facebook worked for free? Do you think a neurosurgeon does a surgery all by himself?
- aspenmayer 6y agoA better question is, did the other people who helped create Facebook receive total compensation anywhere close to proportional to the value they created for Facebook? Not a rhetorical question. I’m curious what the estimated value to Facebook a high level employee is, relative to the compensation they receive. Then compare that ratio to Zuckerberg’s ratio.