Mark Zuckerberg, Facebook’s chief executive, and his wife, Dr. Priscilla Chan, last year said they would give 99 percent of their Facebook shares to charitable causes. Now they are putting a large chunk of that money to work.
The Chan Zuckerberg Initiative, the limited liability company into which Mr. Zuckerberg and Dr. Chan put their Facebook shares, on Wednesday said it would invest at least $3 billion over the next decade toward preventing, curing or managing all diseases by the end of the century.
While the Chan Zuckerberg Initiative has already made investments in charter schools and education start-ups, the money toward curing diseases represents the group’s first major initiative in science. The announcement was also a coming out of sorts for Dr. Chan, who has a big interest in health and was trained in pediatrics.
In a speech to introduce the health initiative at an event in San Francisco on Wednesday, Dr. Chan said the work to cure disease was in keeping with her organization’s mission to advance human potential and promote equality. She gave an emotional preamble, describing how a high-quality education helped her succeed as the daughter of Chinese and Vietnamese immigrants.
“We want to dramatically improve every life in Max’s generation and make sure we don’t miss a single soul,” Dr. Chan said, referring to her and Mr. Zuckerberg’s infant daughter, Maxima. “We’ll be investing in basic science research with the goal of curing disease.”
The event was attended by Mayor Ed Lee of San Francisco; Janet Napolitano, the president of the University of California and former secretary of homeland security; and investors including Yuri Milner, who backed Facebook before it went public. About 63,000 people watched the event on Facebook Live and there were about 450 attending.
Several of Mr. Zuckerberg’s Facebook co-founders or early executives have also pledged money to charity or specifically toward health initiatives. Dustin Moskovitz, a Facebook co-founder, is part of the Giving Pledge, through which the world’s wealthiest individuals and families have dedicated a majority of their wealth to philanthropy. Sean Parker, who was president of Facebook when the company was still a start-up, earlier this year said he would give $250 million to six cancer centers nationwide.
Other tech billionaires have also given to public health, including Bill Gates, Microsoft’s co-founder. His Bill & Melinda Gates Foundation gave $10.2 billion through 2014 to global health initiatives like fighting AIDS, tuberculosis and malaria.
Mr. Zuckerberg and Dr. Chan, who are also part of the Giving Pledge and have looked up to Mr. Gates, announced the Chan Zuckerberg Initiative at the end of last year. At the time, their Facebook holdings were valued at around $45 billion.
The Chan Zuckerberg Initiative’s structure as a limited liability company gives it freedom to also spend on for-profit companies and political donations. Some traditional philanthropies, which have spending restrictions and targets they must meet, disapprove of the L.L.C. structure.
The Chan Zuckerberg Initiative’s science work will be led by Cori Bargmann, a neuroscientist at Rockefeller University in New York. The first project will be the Chan Zuckerberg Biohub, an independent research center in San Francisco that will bring together engineers, computer scientists, biologists, chemists and others. Formed in partnership with Stanford, the University of California, Berkeley, and the University of California, San Francisco, it will receive initial funding of $600 million over 10 years.
At the event Wednesday, Mr. Zuckerberg said that if his organization’s plan to cure or manage all disease worked, it should increase human life expectancy to 100 years.
“That doesn’t mean no one will ever get sick,” he said. “But they should be able to treat it and manage it.”
Gold Gained Ahead of Joe Biden Inauguration 2021
Gold price rose from one and a half month low on Tuesday ahead of President-elect Joe Biden’s inauguration on Wednesday.
The precious metal, largely regarded as a haven asset by investors, edged up by 0.2 percent to $1,844.52 per ounce on Tuesday, up from $1,802.61 on Monday.
He said, “The key factor appears to be the (U.S.) currency.”
As expected, a change in administration comes with the change in economic policies, especially taking into consideration the peculiarities of the present situation. In fact, even though Biden, Janet Yellen and the rest of the new cabinet are expected to go all out on additional stimulus with the support of Democrats controlled Houses, economic uncertainties with rising COVID-19 cases and slow vaccine distribution remained a huge concern.
Also, the effectiveness of the vaccines can not be ascertained until wider rollout.
Still, which policy would be halted or sustained by the incoming administration remained a concern that has forced many investors to once again flee other assets for Gold ahead of tomorrow’s inauguration.
Crude Oil Holds Steady Above $55 Per Barrel on Tuesday
Brent Crude oil, against which Nigerian crude oil is priced, rose from $54.46 per barrel on Monday to $55.27 per barrel as of 9:03 am Nigerian time on Tuesday.
Last week, Brent crude oil rose to 11 months high of $57.38 per barrel before pulling back on rising COVID-19 cases and lockdowns in key global economies like the United Kingdom, Euro-Area, China, etc.
While OPEC has left 2021 oil demand unchanged and President-elect Joe Biden has announced a $1.9 trillion stimulus package, experts are saying the rising number of new cases of COVID-19 amid poor vaccine distribution could drag on growth and demand for oil in 2021.
On Friday, Dan Yergin, vice-chairman at IHS Markit, said in addition to the stimulus package “There are two other things that are going with it … one is of course, vaccinations — in the sense that eventually this crisis is going to end, and maybe by the spring, lockdowns will be over.”
“The other thing is what Saudi Arabia did. This is the third time Saudi Arabia has made a sudden change in policy in less than a year, and this one was to announce (the) 1 million barrel a day cut — partly because they are worried about the impact of the surge in virus that’s occurring,” he said.
Also, the stimulus being injected into the United States economy could spur huge Shale production and disrupt OPEC and allies’ efforts at balancing the global oil market in 2021.
Crude Oil Pulled Back Despite Joe Biden Stimulus
Crude oil pulled back on Friday despite the $1.9 trillion stimulus package announced by U.S President-elect, Joe Biden.
Brent crude oil, against which Nigeria’s oil is priced, pulled back from $57.38 per barrel on Wednesday to $55.52 per barrel on Friday in spite of the huge stimulus package announced on Thursday.
On Thursday, OPEC, in its latest outlook for the year, said uncertainties remain high in 2021 with the number of COVID-19 new cases on the rise.
OPEC said, “Uncertainties remain high going forward with the main downside risks being issues related to COVID-19 containment measures and the impact of the pandemic on consumer behavior.”
“These will also include how many countries are adapting lockdown measures, and for how long. At the same time, quicker vaccination plans and a recovery in consumer confidence provide some upside optimism.”
Governments across Europe have announced tighter and longer coronavirus lockdowns, with vaccinations not expected to have a significant impact for the next few months.
“The complex remains in pause mode, a development that should not be surprising given the magnitude of the oil price gains that have been developing for some 2-1/2 months,” Jim Ritterbusch, president of Ritterbusch and Associates, said.
Still, OPEC left its crude oil projections unchanged for the year. The oil cartel expected global oil demand to increase by 5.9 million barrels per day year on year to an average of 95.9 million per day in 2020.
But also OPEC expects a recent rally and stimulus to boost U.S. Shale crude oil production in the year, a projection Investors King experts expect to hurt OPEC strategy in 2021.
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