Facebook's Mark Zuckerberg Pledges Bulk of Fortune to Charity

Facebook founder Mark Zuckerberg and sixteen other billionaires have recently signed on to The Giving Pledge, a philanthropic campaign that commits them to give at least half of their fortunes to charity. AOL (AOL) co-founder Steve Case, investor Carl Icahn and former Wall Street executive Michael Milken also made the pledge, based on documents at www.givingpledge.org. The list already includes Bill Gates and Warren Buffett, who together launched the campaign earlier this year, as well as Larry Ellison of Oracle (ORCL), and media moguls Ted Turner and Barry Diller.

The Giving Pledge describes its mission as:

" . . . an effort to invite the wealthiest individuals and families in America to commit to giving the majority of their wealth to the philanthropic causes and charitable organizations of their choice, either during their lifetime or after their death.

"Each person who chooses to pledge will make this statement publicly, along with a letter explaining their decision to pledge. At an annual event, those who take the pledge will come together to share ideas and learn from each other.

"The Pledge is a moral commitment to give, not a legal contract. It does not involve pooling money or supporting a particular set of causes or organizations."

It is hard to say what has caused the rush of commitments. The Giving Pledge may simply have collected the names of people who have already decided to give away most of their money. Warren Buffett committed over two years ago to give the great majority of his estate to Bill Gates' foundation.

Those who have joined The Giving Pledge may also hope to put pressure on their peers to join. Whatever the reason, public disclosures of philanthropy from the richest Americans seems to have grown.


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pennylittlebit

Frankly, I have had more trouble with Facebook in the last two weeks than I have ever had with it. I am not particularly a frind of this Mark Zukerbeerg and yet I respect some of those who have gotten behind Facebook.

I am a Deafened Adult. I hope some of the funds that this man (?) has or will donate goes to efforts in this country to make the lives of the disabled better and then extends to those who are disabled around the world such as the Gates are doing and President Clinton does. I have to say I think the way the system is set up is way to far out for most people. I guess that even though I am classified and taught computers on a nuclear submarine with the Captain saying he never wanted anyone but Penny on his boat, I do not like it when I am told my e-mail address is not valid. Who the hell do you think you are to tell me my e-mail address is not my e-mail address. Heck, McAfee just sent me an e-mail and they will work with me. They are rather a large company.

I find what this Zukerberg has done almost embarrassing. I am a native of San Francisco and I have had a lot of people say they just do not like Facebook. I do try to answer when a friend or a possible friend comes in on my e-mail address no less. Well, I can and I might take you through Unruh Act of the State of California and let them play with you. You cannot discriminate. It is illegal. Got me. I know everyone thinks Zukerberg came up with a great idea and he is going to try to outdo whom, Google? I doubt it. The Google guys have class. OK, you have billions to donate. Donate that money correctly do the right thing because I do not think you can.

Penny
pennylittlebit@aol.com

December 21 2010 at 3:42 AM Report abuse rate up rate down Reply
kharismas

Oprah has it made in the shade ... she just gives it away on her terms. The way she LOOKS GREAT doing it. She has to figure the TAX on it first, then if she sees fit ... she SHARES her wealth ... She gets a PERSONAL thing out of it also... Giving it away? Too truly GIVE without getting a personal feeling out of it is quite a different thing ... Warren & Bill are truly RICH because they have more than $$$$$$$ !

December 12 2010 at 6:55 AM Report abuse rate up rate down Reply
spongeworthy06

Why doesnt he give half of it away now? Why wait?

December 11 2010 at 3:07 PM Report abuse rate up rate down Reply
dredselw

I wonder if any black billionaires or milliomaire signed up?

December 11 2010 at 9:23 AM Report abuse +2 rate up rate down Reply
michael

All that money will just be used to educate all the illegals and non taxpaying people anyway and be a cost of living increase for the government public servants... Not 1 cent will go to our military or our senior citizens....Nor will it help our landlords that now pay all the water and sewer bills in every city in the nation...Our public education is now provided free of cost to the children of tennants across the nation

December 11 2010 at 7:04 AM Report abuse rate up rate down Reply
michael

There should be a clause included in that SUBSTANCIAL OFFERING that he half of thier billions thatis donated should only be used to pay down the National Deficite's 14 trillion debt...This shall not be inclusive for the automatic cost of living pay raised for elected officials!!! I still believe that the national debt should have been paid will the proceeds from fines paid by the illegal criminals and fugitives from justice. I think that any person running for political office all they would have to do to get elected was tell the law abiding American taxpayers that they would help to save the American taxpayers by only representing the taxpayer and that they would push for lesiglation to introduce a 5000.00 dollar fine with a extendable permit for the illegals for 1 year as long as they were going to work...or were allready employed....with a letter from thier employer....

December 11 2010 at 6:57 AM Report abuse rate up rate down Reply
Pat

I applaud all of these very wealthy people. Those who weep over the estate tax should stop and think. The very wealthy have a number of options for escaping the estate tax and charitable contributions are one of them. For those who are unwilling to give up control of their wealth and thus incur the estate tax on their excess wealth, I recommend that the estate tax be totally dedicated to Social Security and Medicare/Medicaid. Beginning with Ronald Reagan's administration, this country has seen a massive re-distribution of wealth from the less wealthy to the more wealthy until, currently, at least 85% of the nation's wealth is held by 20% of the population. It is time to reverse that trend. To assist this reversal, the federal minimum wage needs to be increased to a level that allows a worker to earn in 40 hours per week at least the poverty level of income.

December 10 2010 at 9:08 AM Report abuse -1 rate up rate down Reply
DEBBIE

I think it is grand of them to give away 1/2 or more of their fortune but,who does it help? The REAL people of the U.S. will probably never see a penny from this generosity by the time it gets handed down everyone with anything to do with it will have "dipped" into it for themselves! So many people standing in food lines and peeps that can't keep their homes or even keep on the electric, who helps us!!!! We'll never see any of that, it'll just go to the big corporations to pass out to other big corporations. I really love the "idea" but it just can't be put to good use unless they themselves were in our shoes.

December 09 2010 at 3:59 PM Report abuse +2 rate up rate down Reply
pemaonthebeach

I someone really going to tell me Oprah doesn't make more money then some of the listed individuals?

December 09 2010 at 3:43 PM Report abuse +2 rate up rate down Reply
sugarcreekchile

I don't know what causes Zuckerberg will be giving his money to but Gates and Buffet's money, the bulk of which was made off Americans, is not going to American charities. Only a small portion of the money that the Bill and Melinda Gates Foundation gives and which Buffet gave his money to goes to American charities. Nearly all of the Gates Foundation money goes to Africa. Rich humanitarians of the past like Carnegie gave their fortunes to American charities and institutions in appreciation for all America had made possible for them to achieve. Charity is fine but it should begin at home. Think of all the good the Gates Foundation could do in this country if all it's money went to Americans in need.

December 09 2010 at 3:41 PM Report abuse +2 rate up rate down Reply
2 replies to sugarcreekchile's comment
Kayla

It has been reported that Zuckerberg's money is being donated to the NYC school system.

December 09 2010 at 4:02 PM Report abuse +1 rate up rate down Reply
sugarcreekchile

How wonderful that his donated money will be helping Americans.

December 09 2010 at 4:39 PM Report abuse +2 rate up rate down Reply