> We will give 99% of our Facebook shares -- currently about $45 billion -- during our lives to advance this mission. We know this is a small contribution compared to all the resources and talents of those already working on these issues. But we want to do what we can, working alongside many others. Ninety. Nine. Percent.
Will this ~$45 billion go to efficient use? Based on his track record of $100 million to newark and how effective that was, I am skeptical. Good intentions in philanthropy are a dime a dozen, actual results are less common.
A letter to our daughter
141–150 of 555 posts
Re: A letter to our daughter
#142once you reach such an inflection point of wealth, you must find an alternative means of increasing your social capital. there are two common ways: one is to demonstrate your evolutionary fitness in a field completely unrelated to how you amassed your wealth: many rich get into movie production, novel writing or other creative endeavor. These usually fail.
another alternative, the safer alternative, is to expend your remaining time and resources advancing social causes (running for an elected office certainly falls under this category). this is the simplest way for an adult, untrained in anything other than their primary business, to increase their social capital.
it's not a coincidence that zuck is still willing $450mm to his offspring--more than enough to hit that inflection point. he knows that any additional dollar beyond that inflection point provides marginal social value to his offspring.
Re: A letter to our daughter
#143Earlier quoted context omitted.
Whether or not the letter is narcissistic, one has to admire their initiative. It is not, unfortunately, the obvious thing to do, and they deserve to be applauded for that. Whatever personal faults the man has, I'd argue this kind of philanthropy more than makes up for it.
What about the concrete initiative of just paying taxes in each countries where the real business is done?
Re: A letter to our daughter
#144Something's always bugged me about relying on philanthropy as a source of funding the public good, as opposed to the public funding the public good through taxation and the democratic process: In the former case, the public doesn't really have much of a say about where the help goes. We must rely on the judgment (and personal values) of a few rich people and hope they pick charities that maximize the benefit. Would t…
Then again, the US is more likely to spend trillions on wars abroad without those really improving their own country, so on that note, it's probably better for a philanthropist to invest the money in a charity with a singular goal, such as education or research.
Re: A letter to our daughter
#145https://www.facebook.com/chanzuckerberginitiative/ "Please log in to continue." Seriously? One might think they would prioritize raising awareness over increasing Facebook userbase.
Re: A letter to our daughter
#146Expensive shot at Bezos and his distate of charity. Well played, Zuck.
Re: A letter to our daughter
#147Something's always bugged me about relying on philanthropy as a source of funding the public good, as opposed to the public funding the public good through taxation and the democratic process: In the former case, the public doesn't really have much of a say about where the help goes. We must rely on the judgment (and personal values) of a few rich people and hope they pick charities that maximize the benefit. Would t…
Re: A letter to our daughter
#148Okay, maybe it's just me, but after reading the introduction and getting through the list of extremely difficult "Can we..." challenges followed by the "We must..." directives, the first quote that popped into my head was a variation of “a poor man is crazy, but a rich man is just ‘eccentric.’” I get the desire to solve the world's ills, of society's shortcomings, of essentially fixing the thousands of years of evolu…
In some ways "how can any two people actually have the power to fix so many problems" is somewhat defeated by the fact that these two people have 45 billion dollars and not to mention plenty of influence.
There are plenty of people/companies that seem to be working very hard to do make inequality worse so it's nice to hear a powerful figure say that are somewhere from neutral to positive.
Re: A letter to our daughter
#149> We will give 99% of our Facebook shares -- currently about $45 billion -- during our lives to advance this mission. We know this is a small contribution compared to all the resources and talents of those already working on these issues. But we want to do what we can, working alongside many others. Ninety. Nine. Percent.
I mean, what else are you going to do with $45 Billion? Build a really big house? I've had the opportunity to rub shoulders with a few billionaires over the past few weeks, and it's remarkable how differently they think about money than the people who don't have it. Sure, they may buy a nice car (or jet), but after a certain level the only thing you can do with that kind of money is plug it back into something meanin…
Yah, I don't necessarily disagree with their mindset. I've crossed a lot of spectrums, including chilling and rubbing shoulders with the rich to scraping by. I definitely do agree with a lot of the lofty 'moon shots' and some of these people have achieved remarkable things not just for themselves, but for society as well.
But, with Zuck, I just don't know. Gates got rich off operating systems and crushing opponents at all costs (a success story for capitalism). Zuck, from advertising and selling 'your' data. It's admirable that he's giving 99% away, but, I just don't get a warm fuzzy feeling about it.
Time will tell and I hope it turns out good.
Re: A letter to our daughter
#150Earlier quoted context omitted.
I think Zuck is still power hungry, he's just more veiled about it. Everyone with enough power (through money) wants to shape the world in their specific ideal.
If we define "power-hungry" so broadly that it encompasses merely wanting to make the world a better place, I'm not sure what use the term is anymore.
I like the future Bill Gates and Elon Musk want to bring. I do not like the future the Koch Brother's envision.