Here's how Mark Zuckerberg is spending his $74 billion fortune www.techgig.com | techgig.com Nov 1, 2017, 04.51 PM IST Leadership Image Credit Continue reading
Mark Zuckerberg, the Facebook founder, and CEO is currently the fifth richest person in the world. The Facebook billionaire has the net worth of $74 billion.
The Facebook founder has committed his life earnings for charitable causes. Mark Zuckerberg and his wife Priscilla Chan both have started a number of projects to contribute to on both local and global issues. Here is how Zuckerberg and Chan are spending their fortune for the social cause.
1. Chan Zuckerberg Initiative
Mark Zuckerberg and his wife have started a philanthropic foundation called Chan Zuckerberg initiative, with a pledged investment of $45 billion. The foundation is started with a mission statement of "Advancing human potential and promoting equality."
2. Selling Facebook shares for philanthropy
Zuckerberg is one of the rare billionaires in the world that is ready to give up his shares for the social cause. Mark Zuckerberg's complete control over the social networking company has helped in taking the company's stock price by 50% in one year. Mark has publicly stated that he plans to sell 25 to 75 million of his shares over the next 18 months. Facebook founder will sell his shares to fund the Chan Zuckerberg Initiative.
3. A member of Giving Pledge
Mark Zuckerberg is a member of the Giving Pledge. The initiative is founded by Bill Gates and Warren Buffet to inspire wealthy people to donate their wealth for philanthropy. As of today, 158 signers have committed to donate a majority of their wealth to philanthropy via the Giving Pledge.
4. Simple lifestyle
Mark Zuckerberg actively shares the glimpses of his lifestyle on his Facebook page. The Facebook founder has a very simple lifestyle. Opulence and luxury are nowhere in the lifestyle that he lives. His main priority is donating his wealth to charity rather than spending it on himself.
5. No leisure travel
Majority of the travel of Facebook founder is for work. The company incurs the cost of Zuckerberg's travel. Considering the frequent business meetings, social campaigns that Mark was part of in 2015, the travel cost is considerably low. Zuckerberg's security and transportation cost for 2015 was $5 million.
6. Real estate
Facebook founder recently invested a big chunk of money in purchasing properties. Mark and Priscilla Zuckerberg purchased a 357-acre sugarcane plantation and 393-acre property with Pila'a beach on the island of Kauai. The real-estate purchase costed him $100 million.
7. Township & new home
Mark Zuckerberg also owns a township in the Mission District of San Francisco. He bought the 5500-sq ft home in 2013 and invested over $1 million in renovation including a greenhouse and remodeling the kitchen.
Facebook founder does not spend too much on cars. He is always seen driving around in his Volkswagen hatchback and a Honda Fit. He was also spotted in an Acura TSX. All these cars are valued under $30,000.
- Rajat Kabade