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It is no longer his money after donating to the foundation. He ceded control of the money in order to get certain tax benefits.

by llukas 6y ago

ryan93 6y ago
What 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 ago
  Did 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 ago
    He 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 ago
        I 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 ago
    First line of your comment is very representative of what I hate with HN. So elitistic, patronizing and snarky
    - llukas 6y ago
      At least in my country: civics now are focused on entrepreneurship and not actual civics unlike in the past.

It is no longer his money after donating to the foundation. He ceded control of the money in order to get certain tax benefits.

by llukas 6y ago

It 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 ago

What 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 ago
Did 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 ago
  He 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 ago
      I 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 ago
  First line of your comment is very representative of what I hate with HN. So elitistic, patronizing and snarky
  - llukas 6y ago
    At least in my country: civics now are focused on entrepreneurship and not actual civics unlike in the past.