Surely feeling moved by baby Max’s arrival, the first-time parents pledged to donate much of their fortune to the Chan Zuckerberg Initiative, “to join people across the world to advance human potential and promote equality for all children in the next generation”.
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Facebook founder Mark Zuckerberg and his wife, pediatrician Priscilla Chan, became the latest to enlist in the crusade this week when they pledged to give 99% of their shares in the social media goliath during their lifetimes. “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. In a filing to the US Securities and Exchange Commission, Facebook said Zuckerberg plans “to sell or gift no more than $1 billion of Facebook stock each year for the next three years”. “But right now, we don’t always collectively direct our resources at the biggest opportunities and problems your generation will face”. “But we want to do what we can, working alongside many others”, he added.
In a statement, Facebook said the couple’s plan to transfer their shares over time won’t affect his status as controlling shareholder of the company.
According to BabyNames.ch, the Latin-derived name shared by both the Dutch queen and the adorable newborn is translated to mean “the greatest” – certainly suitable for a queen consort and the heiress to Mark’s Facebook empire. At the same time, the figure could be lower if investors determine in the future that Facebook’s stock is worth less.
Chan and Zuckerberg have so far committed $1.6 billion to their philanthropy. Bill Gates and I can’t wait to meet you. “So in that way this is not a foundation nor is it entirely charitable”. As a matter of fact the current value of their shares is $45 billion, according to Forbes. TRACK RECORD Zuckerberg isn’t new to philanthropy; he’s given to several education and health-related causes in the past few years.
The couple’s recent donations include $20 million to EducationSuperHighway, which helps connect classrooms to the Internet, and a new acute care and trauma centre at San Francisco General Hospital, where 30-year old Chan works as a paediatrician. The couple this week also started a coalition with Gates to invest in sustainable energy solutions.
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A Zuckerberg family portraitndated photo provided by Mark Zuckerberg, Max Chan Zuckerberg is held by her parents, Mark Zuckerberg and Priscilla Chan Zuckerberg. It also involves a new type of philanthropic structure that differs from traditional foundations, although details on that remain scarce. “I think he knows something’s up”. “They clearly are not going to be siloed grantmakers”.
