On Tuesday, Facebook co-founder and CEO Mark Zuckerberg posted a powerful announcement — not only did he reveal the birth of his daughter, Max, but he shared plans to give up 99% of his personal Facebook shares over the course of his lifetime and use them to fund causes through a newly formed entity called Chan Zuckerberg LLC.  Earlier this week, Mark Zuckerberg made the surprise announcement that he, along with his wife Priscilla Chan, would be donating 99 percent of their Facebook shares — worth around $45 billion — to the causes of "advancing human potential" and "promoting equality." Now Zuckerberg has responded to those complaints, posting another message that attempts to explain why he set up the Chan Zuckerberg Initiative, and what he and his wife want to do with the money. The gesture appeared altruistic, but some have criticized the way Zuckerberg is using the money, giving it to a limited liability company rather than a charitable foundation. And just like everyone else, we will pay capital gains taxes when our shares are sold by the LLC.” 
 
 He also says that this “for profit” structure allows them to make investments that will continue to fuel their objectives. “By using an LLC instead of a traditional foundation, we receive no tax benefit from transferring our shares to the Chan Zuckerberg Initiative, but we gain flexibility to execute our mission more effectively. Any net profits from investments will also be used to advance this mission….For example, our education work has been funded through a non-profit organization,Startup:Education, the recently announced Breakthrough Energy Coalition will make private investments in clean energy, and we also fund public government efforts, like the CDC Ebola response and San Francisco General Hospital.” 
 
 Some of Zuckerberg’s early attempts at philanthropy were also met with controversy, particularly his $100 million gift to Newark schools, which faced challenges in its execution. But with $45 billion to experiment with, let’s hope that much of this money ends up doing some good.
– Mark Zuckerberg announced the birth of his baby daughter and a $45 billion giveaway on the same day this week, and he's had to do a little more explaining about the latter. In a Facebook post on Thursday, Zuckerberg explains that Chan Zuckerberg Initiative LLC, the entity he's donating 99% of his Facebook shares to, is being set up as a limited liability company instead of a traditional foundation so it can engage in actions like "funding non-profit organizations, making private investments, and participating in policy debates," reports TechCrunch, which notes that some critics accused Zuckerberg of having ulterior motives or said the move could be "a big waste." The initiative will focus on "personalized learning, curing disease, connecting people and building strong communities," building on previous investments in "education, science, health, Internet access, and inclusion," Zuckerberg explained. He also addressed concerns that the donation—equivalent to the GDP of Serbia, or around $38 for every Facebook user—could be some kind of tax dodge, explaining that "we receive no tax benefit from transferring our shares to the Chan Zuckerberg Initiative, but we gain flexibility to execute our mission more effectively" and that if he wanted to avoid tax, it would have been far more effective to set up a traditional charity, the Verge reports. (A ProPublica piece calls the initiative a "tax vehicle.")