Zuckerberg defends plan to channel wealth through LLC

San Francisco

MARK Zuckerberg wrote a post on Facebook on Thursday to defend his plans to transfer 99 per cent of his family's Facebook stock to a limited liability company that would pursue various community projects.

Mr Zuckerberg, the chief executive and controlling shareholder of Facebook, said that he and his wife, Priscilla Chan, were channelling their wealth through an LLC instead of a more traditional foundation to give themselves maximum flexibility "to pursue our mission by funding non-profit organisations, making private investments and participating in policy debates - in each case with the goal of generating a positive impact in areas of great need".