In a gesture which rendered the wider public speechless in recent days, Mark Zuckerberg, Facebook founder and CEO, asserted that he and his wife of three years, Priscilla Chan, would be giving away 99% of their Facebook shares over the course of their lifetime.

In honour of their newborn baby daughter Max, the power couple indicated that approximately $45 billion would be dedicated to aiding personalised learning, assist in the creation of strong communities and provide assistance in the eradication of disease, however it appears the grand gesture isn't as clear-cut as it seems.

According to numerous reports this morning, the belief that the proud new parents would be donating much of their vast fortune to charity has been put under question after it was established that in order for the couple to fulfil their proposed mission, they would need to establish a limited liability company as opposed to a non profit organisation.

Through recent legal filings, it is understood that the Chan Zuckerberg Initiative is owned and controlled by the 31-year-old internet entrepreneur himself meaning Mr. Zuckerberg will have the ability to invest in private companies as well as donate to charitable trusts.
 


Commenting on the matter, a spokesperson confirmed that the organisation can indeed spend its funds on whatever it chooses, which includes private and profit-generating investment, however it does intend to fulfil the wishes of the couple.

Elaborating on the point, a spokesperson asserted: "The Chan Zuckerberg Initiative will pursue its mission by funding non-profit organisations, making private investments and participating in policy debates, in each case with the goal of generating positive impact in areas of great need."

Eager to dismiss doubt as to the validity of the couple's claims, he continued: "Any profits from investments in companies will be used to fund additional work to advance the mission."

While many have suggested that the establishment of the limited liability corporation detracts from the charitable nature of the announcement, others have defended the couple asserting that this allows them to operate more efficiently than standard charitable trusts.

The high-profile couple made their announcement at the beginning of the week.

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