Facebook CEO Mark Zuckerberg and his wife Priscilla Chan introduced the Chan Zuckerberg Initiative on the same day they showed their daughter Max to the world. They pledge 99 percent of their Facebook shares into the charity, which is currently worth $45 billion, as HNGN previously reported.
While some praised the billionaire for his philanthropy, others question his motives and even say that his scheme only allows the CEO to avoid paying taxes. Europeans are the most icy about the Facebook founder's charity, with reports claiming that the social media platform only paid $240,000 in taxes last year in Germany, The Los Angeles Times reported.
Zuckerberg has responded to his critics with another Facebook post that explains how his charity does not give them any tax benefit, but instead gives them the freedom to execute the charity's mission - to create a better world for Max and her generation- more effectively.
"In fact, if we transferred our shares to a traditional foundation, then we would have received an immediate tax benefit, but by using an LLC we do not and just like everyone else, we will pay capital gains taxes when our shares are sold by the LLC," wrote Zuckerberg, according to The Guardian.
There is no determining what the Facebook CEO's truthful motives are, but just like his previous philanthropic endeavors, it is possible that the billionaire genuinely desires to make the world a better place while finding ways to stop giving more of his wealth to the government, according to Digital Trends.