Nur Dayana Mustak, Bloomberg:
Zuckerberg, 38, now has a net worth of $38.1 billion, according to the Bloomberg Billionaires Index, a stunning fall from a peak of $142 billion in September 2021. While many of the world’s richest people have seen their fortunes tumble this year, Meta’s chief executive officer has seen the single-biggest hit among those on the wealth list.
As if you needed more reasons to be skeptical of billionaires’ motivations for ostensibly charitable uses of their wealth, here is another. Zuckerberg has tied the success of Meta to his family’s Chan Zuckerberg Initiative by funding it through their personally-held shares in Meta. According to its website, that foundation — an LLC, not a charity — is focused on finding cures for diseases, reducing youth homelessness, and improving education. If you like the sound of those things, you should therefore hope for a skyrocketing Meta stock price. If, on the other hand, shareholders are concerned that Meta’s business model is detrimental to society at large and do not approve of the company’s vision for its future, they are compromising the efforts of Zuckerberg’s foundation.