On December 1, 2015, Zuckerberg and Chan pledged to transfer 99% of their Facebook shares, then valued at US$45 billion, to the Chan Zuckerberg Initiative, their new organization that will focus on health and education. The funds will not be transferred immediately, but over the course of their lives. Instead of forming a charitable corporation to donate the value of the stock to, as Bill Gates, Warren Buffett, Larry Page, Sergey Brin and other billionaires have done, Zuckerberg and Chan chose to use the structure of a limited liability company (LLC). Some journalists and academics have said the Chan Zuckerberg Initiative conducts philanthrocapitalism.