What’s Zuckerberg Worth Without 99% of His Fortune? (A lot.)

In a letter to their daughter, posted on Facebook, they explained that they want Max to grow up in a world better than ours.

Secondly, he announced their commitment to give “99% of their Facebook shares – now about 45$ billion – during our lives to join many others in improving this world for the next generation”.

His new venture called the Chan Zuckerberg Initiative, would focus on areas like education and disease.

Mark Zuckerberg’s announcement on Tuesday that he was going to give away 99% of his wealth was met with a torrent of criticism. This allows the couple to have great flexibility in controlling their investments, funding non-profit organizations, and making public stands on public policy issues.

It is an effort to get the wealthiest people in the world to contribute half of their fortune to charity in their lifetime or in their will.

Phil Buchanan, president of the Center for Effective Philanthropy, said Zuckerberg learned from that experience.

Mr Zuckerberg is far from the first tech titan to pledge billions to philanthropic activities, but he is following a slightly different path to Bill Gates, Microsoft’s founder.

For about an hour, Zuckerberg was lauded as a hero, a tech billionaire donating his billions.

In the letter to their daughter, Zuckerberg and Chan described their goals as “advancing human potential and promoting equality”.

Unlike a nonprofit, an LLC can invest in other companies, earn a profit, lobby for causes and donate to political candidates’ campaigns.

It will concentrate on projects expecting outcomes in 25-100 years. His intentions maybe noble, but Zuckerberg has come under some criticism in how he plans to use the money, and the Facebook CEO has finally responded to them. He has committed to give away up to $1 billion of Facebook stock each year for the next three years, the company said. “Technological progress in every field means your life should be dramatically better than ours today”.

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To be clear, the said organization is a limited liability company not a non-profit organization. Last month, Zuckerberg announced he would take two months of paternity leave after the birth of his daughter.