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There can't be many times in recent memory, if at all, when an act of philanthropy as generous as Mark Zuckerberg's has been met with such cynicism.
Since announcing the decision to donate 99% of his Facebook shares to good causes, Zuckerberg has felt compelled to take to his own social network to defend his decision to set up an LLC, as opposed to a charitable trust, for the distribution of this wealth.
I have been a technology headhunter since the late '90's, or 'web1.0' era - as we now call it. In that time we have seen two economic cycles and many high-net-worth tech CEOs come and go. I struggle to remember a single one, with the possible exception of Bill Gates, to come close to such generosity.
Zuckerberg should be applauded - LLC, or not.
Mark Zuckerberg did not donate $45 billion to charity. You may have heard that, but that was wrong. Here’s what happened instead: Mr. Zuckerberg created an investment vehicle. Sorry for the slightly less sexy headline. Mr. Zuckerberg is a co-founder of Facebook and a youthful megabillionaire. In announcing the birth of his daughter, he and his wife, Priscilla Chan, declared they would donate 99 percent of their worth, the vast majority of which is tied up in Facebook stock valued at $45 billion today.
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