Here's Why The Chan Zuckerberg Initiative Is An LLC, According To Zuck
In a Facebook post on Thursday, CEO Mark Zuckerberg outlined why he opted to make the initiative an LLC rather than a foundation.
Earlier this week, Facebook CEO Mark Zuckerberg and his wife Priscilla Chan made public that they had given birth to a baby girl—and to mark the occasion, they were starting a philanthropic organization dubbed the Chan Zuckerberg Initiative. The pair also pledged to give 99% of their Facebook shares—a whopping $45 billion—to carry out the company's mission. A number of people wondered, however, why the initiative was structured as an LLC, rather than as a nonprofit, since an LLC can be used for profit.