Is CEO Mark Zuckerberg REALLY about to hand back MILLIONS to users?

Facebook CEO Mark Zuckerberg is handing back MILLIONS to users, according to a scam viral campaign

FACEBOOK CEO Mark Zuckerberg is handing out some of $45 billion he pledged to charitable causes directly to Facebook users, according to a series of popular social media posts.

 

Facebook CEO Mark Zuckerberg is reportedly handing out billions of dollars to random social media users as part of his latest philanthropic endeavour, according to a series of viral social media posts.

Unfortunately the hugely popular Facebook posts are part of an elaborate hoax, which comes almost a week after Mark Zuckerberg and paediatrician wife Priscilla Chan announced plans to donate 99 per cent of their Facebook stock to charity.

The couple plan to donate the stock – currently valued at a staggering $45 billion, some £30billion – in the name of their baby daughter, Max.

But accruing to the latest hoax posts, Mr Zuckerberg plans "to give 10 per cent of it away to people like YOU and ME!"

 

One example of the hoax post says that Facebook users have to "copy and paste this message into a post IMMEDIATELY and tag 5-10 of your friends.

"At midnight PST, Facebook will search through the day's posts and award 1,000 people with $4.5 million EACH as a way of saying thank you for making Facebook such a powerful vehicle for connection and philanthropy."

"I hope someone I know gets a piece of the pie," the viral post continues "let me know if you do!"

Unfortunately for those hoping for a Facebook-funded Christmas bonus, a spokesperson for the hugely successful social network confirmed the post is part of an elaborate hoax.

 

An example of one of the viral posts circulating on Facebook this week

This is not the first time a scam campaign has taken Facebook by storm.

Social media users claimed the US firm was testing a new "dislike" button back in September and shared a bogus firm to gain access to a beta program.

Meanwhile, Mark Zuckerberg and Priscilla Chan's philanthropic donation has been blasted by critics after the Silicon Valley couple decided to establish their charitable endeavour as a limited liability company, rather than a foundation.

Setting up the Chan Zuckerberg Initiative as a limited liability company – or LLC – allows the Zuckerberg couple a greater freedom to use their money as they please.

 

Mark Zuckerberg and paediatrician wife Priscilla Chan will donate 99 per cent of their shares

Charitable foundations – like the Bill and Melinda Gates Foundation, another philanthropic project by a prominent technology entrepreneur – cannot invest in any for-profit businesses and are unable to engage in political lobbying under US law.

However – as an LLC – the Chan Zuckerberg Initiative will be able to turn a profit, invest in profitable firms and make donations to politicians.

Some critics also questioned whether there would be tax benefits to Mr Zuckerberg and Ms Chan donating their Facebook shares to an LLC instead of a charitable foundation. 

Facebook co-founder Zuckerberg has been forced to defend his decision to establish the Chan Zuckerberg Initiative as an LLC.

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."

"By using an LLC instead of a traditional foundation, we receive no tax benefit from transferring our shares to the Chan Zuckerberg Initiative, but we gain flexibility to execute our mission more effectively," he added.

"If we transferred our shares to a traditional foundation then we would have received an immediate tax benefit, but by using an LLC we do not."