The new era of philanthrocapitalism won’t directly encourage the destitute. Instead the money will be moved to a new investment firm – with the aim of making more moneyThe letter was signed “Mom and Dad” but it was aimed,of course, at the world. Mark Zuckerbergs letter announcing that he and Priscilla Chan were giving absent 99% of their Facebook shares is just over 2200 words long. That’s room for a lot of detail – and he seems to offer it. He specifies the amount of the gift: $45bn at current market value. He emphasises the need to adopt long-term solutions over short-term fixes. He suggests that his and Chan’s mission of advancing human potential and promoting equality “will require a new approach for all”.
The $45bn exceeds the Gates Foundation’s current endowment. It’s larger than Warren Buffett’s $30bn gift to the Gates Foundation in 2006, and then the largest charitable gift in history.
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Source: theguardian.com