Education reporters across the nation reported breathlessly that Mark Zuckerberg and Priscilla Chan were “giving” $45 billion to education and public health. They did not get the nuances of the financial transaction behind the $45 billion “gift” of the Zuckerbergs, but writers familiar with the business of philanthropy did. Jesse Eisinger of ProPublica writes in the business section of the New York Times that the Zuckerberg pledge will actually help Zuckerberg, because the money will go to a Limited Liability Corporation that he controls, not a foundation. Mark Zuckerberg did not donate $45 billion to charity. You may have heard that, but that was wrong.
Here’s what happened instead: The Zuckerberg Gift is Not a Gift, It Goes to a Limited Liability Corporation | Diane Ravitch’s blog
