Where Are Mark Zuckerberg’s Billions Going?
Media-savvy Facebook founder Mark Zuckerberg and his wife, Priscilla Chan, are engaged in moral posturing on a colossal scale, having pledged to give away 99 percent of their wealth, currently valued at $45 billion. But instead of simply establishing a foundation to hand out the money as super-wealthy philanthropists normally do, they have created a limited liability company (LLC) they claim will focus on investing in companies and causes pursuing what they consider to be socially responsible objectives. At some uncertain point the LLC will make grants available, they say, but it’s not clear how that will work in practice. Despite plenty of unanswered questions, some observers hail the couple as visionaries who have found a new way to harness markets for positive social change. Others accuse them of cynically forming an investment vehicle for public relations purposes. These critics say the LLC is merely posing as a charity. Whatever this new venture may turn out to be, it is certain to be in the spotlight for years to come.