Zuckerberg gives $45 billion to charity, Guardian readers complain

[Eric Arthur 10]

A man gives away 99% of his self made wealth to charity and the Guardian commenters deride him for it. It makes me wonder what could possibly make their miserable little lives less miserable.

 

http://www.theguardian.com/technology/2015/dec/01/mark-zuckerberg-and-priscilla-chan-announce-new-baby-and-massive-charity-initiative#comments

[Hesther 10]

Yes, well done to the Guardian for publishing this story when none of the other UK mainstream newspapers were reporting it.

 

Let's hope that it will motivate others who have far much more money than they could ever reasonably need or use in a lifetime to do the same.

[Cyclone 10]

It was in the BBC at the very least, I've been seeing this story for 2 days now. I think the telegraph covered it as well.

 

To be clear, he hasn't given it away. He's said that he will within his lifetime. To a company that he will control but which has charitable aims.

Edited December 3, 2015 by Cyclone

[sgtkate 10]

Yes, well done to the Guardian for publishing this story when none of the other UK mainstream newspapers were reporting it.

 

Let's hope that it will motivate others who have far much more money than they could ever reasonably need or use in a lifetime to do the same.

 

Really? This was all over the news that I saw. Fair play to Zuckerberg. It's always easy to give away money you don't need, but that's what we all do. When I donate to charity I'm not forcing myself into poverty to do so!

 

I didn't read the Guardian link, what were they complaining about? I remember there was that case a few years ago about rights to facebook? Ultimately, he's come from nowhere and made himself loaded. He pays his staff well, treats them v well (I've a friend who work for Facebook and what they get as perks and basic employment rights is staggering), he's proven you can be a successful entrepreneur without pooing on your staff (something many, many companies in the world could do with learning from), he's revolutionised how we communicate and has possibly had more impact on a generation than almost anyone I can name. He's had a few controversial moments around data protection, but I don't recall facebook being hacked unlike several other major companies.

 

A bit like the Bill and Melinda Gates Trust, I suspect if MK keep the reins on the money he will achieve considerably more than most charities for less funding, mainly because he already has that business acumen that charities need but often lack.

[Berberis 10]

A man gives away 99% of his self made wealth to charity and the Guardian commenters deride him for it. It makes me wonder what could possibly make their miserable little lives less miserable.

 

http://www.theguardian.com/technology/2015/dec/01/mark-zuckerberg-and-priscilla-chan-announce-new-baby-and-massive-charity-initiative#comments

 

The headline should read:

Zuckerberg to give away over his lifetime 60+ years 99% of Facebook which will be tax deductible to a charity he controls.

 

In fact the headline should be Zuckerberg's finally work out how to avoid most of their tax.

[sgtkate 10]

The headline should read:

Zuckerberg to give away over his lifetime 60+ years 99% of Facebook which will be tax deductible to a charity he controls.

 

In fact the headline should be Zuckerberg's finally work out how to avoid most of their tax.

 

Ah, so that's the rub.

[Eric Arthur 10]

It makes you wonder why he doesn't just keep it all for himself when people insult him. Of course it is tax deductible, it is going to charity, that is how it always works. Even governments usually find it a bit unpalatable to tax charities.

 

Anyone who's donated to charity here in the UK understands that when they put their name down for Gift Aid so it makes me wonder how many of those criticising actually give anything themselves as I presume they have never come across Gift Aid, never mind corporate charitable tax relief.

 

He's still giving away 99% of his self-made wealth voluntarily instead of buying a gigantic fleet of yachts, or spaceships, or whatever.

[sgtkate 10]

It makes you wonder why he doesn't just keep it all for himself when people insult him. Of course it is tax deductible, it is going to charity, that is how it always works. Even governments usually find it a bit unpalatable to tax charities.

 

Anyone who's donated to charity here in the UK understands that when they put their name down for Gift Aid so it makes me wonder how many of those criticising actually give anything themselves as I presume they have never come across Gift Aid, never mind corporate charitable tax relief.

 

He's still giving away 99% of his self-made wealth voluntarily instead of buying a gigantic fleet of yachts, or spaceships, or whatever.

 

It'll depend on what the charity he creates does I suppose. I'll happily give him the benefit of the doubt for now. People were kicking off when Bill Gates did similar too. Doubt they are kicking off now.

[Berberis 10]

It makes you wonder why he doesn't just keep it all for himself when people insult him. Of course it is tax deductible, it is going to charity, that is how it always works. Even governments usually find it a bit unpalatable to tax charities.

 

Anyone who's donated to charity here in the UK understands that when they put their name down for Gift Aid so it makes me wonder how many of those criticising actually give anything themselves as I presume they have never come across Gift Aid, never mind corporate charitable tax relief.

 

He's still giving away 99% of his self-made wealth voluntarily instead of buying a gigantic fleet of yachts, or spaceships, or whatever.

 

You are very naive or gullible.

 

He will be able to mitigate his tax contributions by giving away these shares, at no expense to himself. He is giving these shares to himself, so not giving away anything in reality. He will then be able to take a salary from the charity if he wishes and has control over both the charity and the Facebook board. This new charity will use its profits to donate to to causes world wide. He could have done this himself, but that would not have been tax efficient.

 

If he was so benevolent, he would not require a fan-fair, he would give the shares to other charities who could use them how they wished or he could give the cash by selling the shares like other have done in the past.

 

Charity in the USA is not like in the UK (although we are moving towards a US style, which is disheartening). Just look at the NFL's pink ribbon drive. 8% of money made by donations and the selling of the charity products actually goes to the cause. The rest goes on salaries etc.

Edited December 3, 2015 by Berberis

[Eric Arthur 10]

It'll depend on what the charity he creates does I suppose. I'll happily give him the benefit of the doubt for now. People were kicking off when Bill Gates did similar too. Doubt they are kicking off now.

 

Yes it will be interesting to see what he does. I think that anyone setting up such a large foundation would be keen to do something that means something to them personally in some way.

 

I noticed quite a few people in the Guardian comments saying that he should just give it away and let other people decide what it is spent on without him having any control. I find that ridiculous to even suggest.

 

It's great that there are still plenty of people in the world who want to help other people when they can. Warren Buffett and the Saudi prince who's name escapes me are others that comes to mind

 

---------- Post added 03-12-2015 at 12:42 ----------

 

You are very naive or gullible.

 

Or actually know what I'm talking about unlike you.

[Berberis 10]

Or actually know what I'm talking about unlike you.

 

Resorting to insults is the quickest way to lose any discussion. Although we are both claiming the other is suffering from the same thing in reality. A lack of understanding of the subject, however I am looking beyond the headline while you are accepting it on face value.

Edited December 3, 2015 by Berberis

[Mister M 1,609]

A man gives away 99% of his self made wealth to charity and the Guardian commenters deride him for it. It makes me wonder what could possibly make their miserable little lives less miserable.

 

http://www.theguardian.com/technology/2015/dec/01/mark-zuckerberg-and-priscilla-chan-announce-new-baby-and-massive-charity-initiative#comments

 

They could always read the Daily Mail. That's usually good to laugh at.

 

I've read a few of the comments in the Guardian, some of them are very complimentary. Granted, I've not scoured through each and every one.

Edited December 3, 2015 by Mister M