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Priscilla Chan and Mark Zuckerberg's 99% pledge is born with strings attached | Devon Maloney
Mark Zuckerberg is not giving 99% of his Facebook shares to a charity
"To do this, Zuckerberg and his wife Priscilla Chan have set up the Chan Zuckerberg Initiative, a limited liability company - not a charity or charitable trust. Legal filings show that the Chan Zuckerberg Initiative is owned and controlled by Zuckerberg.
A spokesperson has confirmed to Buzzfeed that as a company, the Initiative can spend its money on whatever it wants - including private, profit-generating investment.
The Chan Zuckerberg Initiative SEC filing
“The Chan Zuckerberg Initiative will pursue its mission by funding non-profit organizations, making private investments and participating in policy debates, in each case with the goal of generating positive impact in areas of great need," the spokesperson said.
"Any profits from investments in companies will be used to fund additional work to advance the mission.”
In November those investments have included:
* $20 million to help connect American classrooms to fast and reliable internet
* $5 million in MasteryConnect, a teaching software
* $5 million to TheDream.US to help undocumented immigrants, in San Francisco attend college
* $15 million in AltSchool, an education initiative focussing on personalised learning and technology
* $10 million in Bridge international acadamies
That's a lot of education technology, an area aligned with Facebook's mission of connecting people. It's not exactly eradicating malaria."
Mark Zuckerberg is not giving 99% of his Facebook shares to a charity
"To do this, Zuckerberg and his wife Priscilla Chan have set up the Chan Zuckerberg Initiative, a limited liability company - not a charity or charitable trust. Legal filings show that the Chan Zuckerberg Initiative is owned and controlled by Zuckerberg.
A spokesperson has confirmed to Buzzfeed that as a company, the Initiative can spend its money on whatever it wants - including private, profit-generating investment.
The Chan Zuckerberg Initiative SEC filing
“The Chan Zuckerberg Initiative will pursue its mission by funding non-profit organizations, making private investments and participating in policy debates, in each case with the goal of generating positive impact in areas of great need," the spokesperson said.
"Any profits from investments in companies will be used to fund additional work to advance the mission.”
In November those investments have included:
* $20 million to help connect American classrooms to fast and reliable internet
* $5 million in MasteryConnect, a teaching software
* $5 million to TheDream.US to help undocumented immigrants, in San Francisco attend college
* $15 million in AltSchool, an education initiative focussing on personalised learning and technology
* $10 million in Bridge international acadamies
That's a lot of education technology, an area aligned with Facebook's mission of connecting people. It's not exactly eradicating malaria."
