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Mark Zuckerberg And Wife to Give Away $46 Billion

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Mark Zuckerberg and his wife pledged to give away virtually all of their $46 billion in Facebook Inc. shares, setting a new philanthropic benchmark by committing their massive fortune to charitable causes while still in their early 30s.

Facebook’s chief executive officer and his wife, Priscilla Chan, unveiled the plan in an open letter to their newborn daughter, Max (short for Maxima), in a Facebook post on Tuesday, promising to donate 99 percent of their stock in the social-networking company “during our lives.”

The pledge puts Zuckerberg in the same league with other billionaires who are giving away the bulk of their wealth, including Warren Buffett and Bill Gates. The key difference is that Zuckerberg is starting at an earlier age, 31. The Bill & Melinda Gates Foundation was created in 2000, the year the Microsoft Corp. co-founder turned 45.

Zuckerberg doesn’t plan to contribute more than $1 billion a year for at least the next three years, Facebook said in a separate filing, meaning the CEO will maintain voting control of the Menlo Park, California-based company for the foreseeable future.

‘Too Important’

Zuckerberg outlined his philanthropic goals, which will focus on “advancing human potential and promoting equality,” in the letter to his daughter, who was born early last week. Zuckerberg will make long-term investments in areas such as health and education, while working to decrease inequality and building technology to bring about change.

“Our society has an obligation to invest now to improve the lives of all those coming into this world, not just those already here,” Zuckerberg and Chan wrote. “But right now, we don’t always collectively direct our resources at the biggest opportunities and problems your generation will face.”

He added that he will remain Facebook’s CEO for “many, many years to come, but these issues are too important to wait until you or we are older to begin this work.”

Different Audience

While Zuckerberg pegged the donation amount on the current value of his Facebook stock, the value of the gift could also grow. Shares of Facebook have climbed more than 180 percent since their market debut in 2012, and 90 percent of analysts who cover the company have a buy rating on the stock, meaning they expect it to go up. At the same time, the figure could be lower if investors determine in the future that Facebook’s stock is worth less.

It’s unusual for an executive to undertake such a broad philanthropic effort at so young an age. Buffett, the chairman and CEO of Berkshire Hathaway Inc. who has committed almost all of his fortune to charity, has singled out Zuckerberg as someone who can set an example for a new generation of philanthropists.

“He has an audience that’s just totally different than what I would have,” Buffett, 85, said last year at a conference in Las Vegas. The Facebook co-founder previously signed the Giving Pledge, established by Buffett and Bill and Melinda Gates, in which billionaires agree to donate the majority of their fortunes to charity.

Buffett, whose current net worth is $64.2 billion, according to the Bloomberg Billionaires Index, decided to commit most of his Berkshire stock to the Bill & Melinda Gates Foundation when he was 75, after his the death of his first wife in 2004.

Before devoting himself to philanthropy, Gates chose to focus on his company rather than charitable efforts, much to the dismay of his own mother and local Seattle business and philanthropic leaders, Tom Alberg, co-founder of Seattle-based Madrona Venture Group, said in a recent interview. It was after the death of Mary Gates in the mid-90s that Gates began his first significant foray into charitable giving.

The Gates’s charitable foundation, now worth $41.3 billion, has given away more than $34 billion. Gates started the organization in 2000, subsuming two earlier entities: the William H. Gates Foundation and the Gates Learning Foundation. Both of the men have mentored Zuckerberg in his philanthropy efforts.

“On behalf of future generations, I thank them,” Buffett said of Zuckerberg and Chan in a statement.

There’s also one more thing in common with the philanthropic endeavors of Buffett, Gates and Zuckerberg: they reduce their tax bills, as the contributions are tax-deductible.

Track Record

Zuckerberg isn’t new to philanthropy; he’s given to several education and health-related causes in the past few years. He and his wife recently started a school in one of Silicon Valley’s disadvantaged neighborhoods and a trauma center in San Francisco General Hospital, where Chan has worked as a pediatrician. The couple this week also started a coalition with Gates to invest in sustainable energy solutions. The new Chan Zuckerberg Initiative will be a limited liability company controlled by Mark and Priscilla, the couple said.

Today, 99 percent of Zuckerberg’s Facebook holdings have a value of $45 billion. If it was all to be gifted at once that would be enough to create the largest U.S. foundation, according to data compiled by Foundation Center. The pledge also situates Zuckerberg and Chan in a century-long tradition of American philanthropists that stretches back to industrialists Andrew Carnegie and John Rockefeller, whose foundations still rank among the biggest in the country.

“I absolutely think this propels Zuckerberg and his wife into that sphere,” said Berit Ashla, vice president at Rockefeller Philanthropy Advisors. “They clearly are not going to be siloed grantmakers. I anticipate they will be quite interdisciplinary in terms of how they approach the work.”

Bloomberg

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Technology

Smart City Startups to Generate $110.7B in Revenue by 2025, a Trifold Increase in Five Years

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Smart City Startup - Investors King

Smart city startups offer innovative solutions for urban challenges, including public and cybersecurity threats, traffic congestion, energy management, and e-governance. Over the years, the revenues of these companies increased significantly and are expected to continue growing in the future.

According to data presented by Aksje Bloggen, smart city startups worldwide are expected to generate $110.7bn in revenue by 2025, a trifold increase in five years.

Asian, European and American Smart City Startups to Witness Three-Digit Revenue Growth

Smart cities aim to cater to the growing urban population while improving on safety, sustainability, and mobility. These initiatives are backed by new technologies like artificial intelligence and the Internet of Things using sensors and data collection to gather large amounts of public data available for researchers and startups to work with.

Last year, smart city startups worldwide generated $32.3bn in revenue, revealed the Statista survey. This figure includes all revenue that companies generated by offering technologies and products that use information, data and connectivity technologies to create more value within the public city environment.

In 2021, smart city startups’ revenues are expected to grow by $6.7bn and then surge by a staggering $71.7bn in the next four years.

Analyzed by regions, Asian smart city startups are expected to generate $14.9bn or 38% of total revenues in 2021. By 2025, this figure is forecast to soar by 232% to $49.6bn.

European smart city startups are expected to witness a 166% revenue growth in this period, rising from $8.7bn in 2021 to $23.16bn in 2025.

North American startups follow with $12.3bn in revenue in 2021. Statista data show this value is set to grow by 152% and reach $31.2bn in the next four years.

Smart Utilities the Largest Revenue Stream, Environmental Solutions to Witness the Biggest Growth

The Statista survey revealed that smart utilities generate the highest share of startup revenues in the smart city market. In 2021, these startups are expected to make $10.7bn or one-third of total revenues.

Smart utilities are companies in the electric, gas and water sectors that employ connected sensors across their grids to analyze operations and deliver services more efficiently. Most of them are heavy users of the IoT technology and the latest communications, software, computing, and mapping solutions. By 2025, the entire segment will grow by 180% and hit a $30bn value.

As the second-largest revenue stream, the mobility segment is set to reach a $9.4bn value this year. Statista predicts this figure to jump by nearly 190% to $27.2bn in the next four years.

Smart buildings are expected to witness a 172% revenue growth in this period, with the figure rising from $7.2bn in 2021 to $19.2bn in 2025.

However, startups delivering environmental solutions for smart cities are set to witness the most significant growth in the following years. Between 2021 and 2025, their revenues are expected to surge by 210% and hit $16.4bn globally.

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Uber Raises Tfare By 13 Percent In Lagos

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The economy option for ride-share giant company, Uber, popularly referred to as UberX, has been increased by 13 percent in Lagos State.

An electronic mail message from the ride-hailing firm to its drivers stated that the increment would start from May 11, 2021.

Uber said the increase was to ensure a reliable earning opportunity for driver-partners.

“At Uber, we remain committed to providing a reliable earning opportunity for driver-partners, as well as a reliable and affordable service for riders. With this in mind, starting 11th May 2021, we are increasing prices on UberX by about 13 percent,” the message read.

Earlier, Uber and Bolt drivers under the aegis of Professional E-hailing Drivers and Partners Association, declared a strike in April in Lagos, seeking an upward review of e-cab fares to reflect the current economic

They also wanted both companies to reduce the commission charged on rides from 25 percent to 10 percent.

National President of PEDPA, Mr. Idris Shonuga, had at a news conference in Lagos, said, “Instead of fixing a new and reasonable fare in line with inflation, the companies have recklessly continued to maintain the low fare, thereby, impoverishing hard-working young Nigerians who are diligently and lawfully trying to make a decent living.”

The e-cab operators also demanded adequate welfare package for drivers and compensation to the families of those that lost their lives or are permanently disabled in the line of duty.

The association said that more than 15 drivers had lost their lives, while some had been permanently disabled in accidents in the course of the service.

It also said more than 20 others have also lost their lives through kidnapping or killed by ritualists without any compensation from the operators.

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CEOs of Major Tech Companies Have Sold Over $6 Billion of Their Stocks in 2021

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Stocks - Investors King

Data acquired and calculated by Finbold indicates that CEOs of the five selected major tech firms have sold $6.36 billion worth of shares between January 1 and May 10, 2021.

Jeff Bezos leads, having offloaded AMZN shares worth $4.9 billion. Facebook CEO Mark Zuckerberg has sold $1.2 billion of his stock. Cumulatively, the two executives have offloaded $6.1 billion worth of shares from their respective companies.

Elsewhere, Nvidia CEO Huang Jen Hsun has sold $77.28 million worth of shares to rank third. Microsoft chief executive Nadella Satya has offloaded $65.44 million of MSFT stock, while Alphabet’s Pichai Sundar has sold $33.05 million. Among the top tech companies, only Tesla and Apple CEOs have not sold any of their stock in 2021.

Insider selling follows a surge in tech stocks

The highlighted companies have recorded a spike in the stock value over the past year, and the research report notes that:

“The sales come in the wake of tech sector stocks surging to new highs amid the coronavirus pandemic. In the pandemic, with wide-scale lockdowns, the companies run by the CEOs played a key role by offering services and products to help people manage the effects of the health crisis. The attention on these services drives the stock prices to record levels.”

Although insider trading is increasing in popularity, the activity is an essential indicator for investors to predict future price movement.

Overall, insider trades offer the overall market and investor outlook. When a single executive increases selling activity but others hold their shares, it does not call for alarm among investors.

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