We will give 99pc of our Facebook shares – now about $45bn – during our lives to join many others in improving this world for the next generation.
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Talk about birth announcements: Facebook CEO Mark Zuckerberg and his wife said they’ll devote almost all their wealth – roughly $45 billion – to good works in celebration of their new baby daughter, Max.
“Like all parents, we want you to grow up in a world better than ours today”, the social media mogul and his wife wrote in a letter to their daughter, which they also posted on Facebook. The donations will take place over their lifetime, and the exact worth of the shares will likely change. In the letter, the Silicon Valley power couple and Haute 100 listers shared they will donate 99 percent of Zuckerberg’s Facebook shares, valued at $45 billion. He will keep his majority stake in Facebook, and thus voting control, for the foreseeable future. We know this is a small contribution compared to all the resources and talents of those already working on these issues.
The budding organization is known as the Chan Zuckerberg Initiative, with a mission to promote education, combat disease, and strengthen communities. Others are inspired to give more back, and Daniel Lurie, founder and CEO of the nonprofit Tipping Point Community, hopes this is the start of a new trend.
The couple has been active in various charitable programs. Back in 2010, Zuckerberg signed the Giving Pledge which meant he committed more than half of his wealth to philanthropy or charity.
More details about the Chan Zuckerberg Initiative will come out over the next few months once the couple returns from maternity and paternity leaves.
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Though Max was born early last week, the parents made the announcement on Giving Tuesday, an annual event that encourages people to donate to charities.
