Mark Zuckerberg has written a post on Facebook defending his plans to transfer 99 per cent of his family's Facebook stock to a limited liability company that would pursue various community projects.
Zuckerberg, the chief executive and controlling shareholder of Facebook, said that he and his wife, Dr Priscilla Chan, were channelling their wealth through a limited liability company instead of a more traditional foundation to give themselves maximum flexibility "to pursue our mission by funding nonprofit organizations, making private investments and participating in policy debates in each case with the goal of generating a positive impact in areas of great need."
In his post, he addressed concerns that the structure was a way to avoid taxes on the $45 billion block of stock.