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In a
post on his Facebook page, he wrote that "just like everyone
else, we will pay capital gains taxes when our shares are sold
by the LLC."
While reiterating that the entity, called the Chan Zuckerberg
Initiative, would focus on areas like education and disease, he
indicated the efforts would be similar to philanthropy he and
his wife, Priscilla Chan, had already supported.
Their recent donations include $20 million to Education Super
Highway, which helps connect classrooms to the Internet, and a
new acute care and trauma center at San Francisco General
Hospital, where Chan works as a pediatrician. Chan and
Zuckerberg said on Tuesday that 99 percent of the stock they
hold in Facebook would go toward the philanthropic project over
their lifetimes. At the stock's current price, that stake is
worth $45 billion.
Responding to a comment he would pay "ZERO tax" for the
initiative's investments that was made in reply to his Facebook
post on Thursday, Zuckerberg denied that was the case.
"Please don't spread inaccurate information," he posted.
(Reporting by Amrutha Penumudi in Bengaluru; Editing by Stephen
R. Trousdale and Peter Cooney)
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