Facebook founder shares $45 billion of his wealth
British Columbians were also feeling charitable on Giving Tuesday
Facebook co-founder Mark Zuckerberg and his wife say they will devote nearly all their wealth — roughly $45 billion US — to good works in celebration of their new baby daughter, Max.
Zuckerberg’s wife, Priscilla Chan, gave birth to a seven-pound, eightounce daughter last week. But the couple didn’t put out the news until Tuesday, when Zuckerberg posted it on — of course — Facebook.
In the same post, Zuckerberg said he and Chan will commit 99 per cent of their Facebook stock to such causes as fighting disease, improving education and “building strong communities.”
The news came on Giving Tuesday, which kicks off a season of giving on the heels of Black Friday and Cyber Monday — annual celebrations of conspicuous consumption that have crept north of the border from their American heartland.
Vancouver, Kelowna, Penticton, Nanaimo and Saanich mayors were among others who took part in the initiative, encouraging citizens to give back to their community in meaningful ways Tuesday, and many heeded that call.
Throughout the day, B.C. residents and businesses took to social media to pledge their time, money or expertise to others.
Meanwhile, thank yous poured in from recipients.
The Royal Columbian Hospital Foundation received hundreds of dollars toward a needed monitor for its cardiac catheterization lab, donations to Decoda Literacy funded 25 more subscriptions of a newspaper for adult learners of English, and Hives for Humanity reached its funding goal to bring bees to the Downtown Eastside.
Vancouver Foundation donors granted more than $544,000 to local projects and charities.
Kevin McCort, CEO of the Vancouver Foundation, said he was overwhelmed by the generosity of those who gave, adding that it “will have a real and meaningful impact in local communities.”
And while it may not have been the intent of donors — be they Chans, Zuckerbergs or average B.C. residents — their giving of cash could bring returns of greater happiness and better health.
Elizabeth Dunn is a UBC professor of psychology and the author of Happy Money: The Science of Smarter Spending. Among some of Dunn’s key findings are that people tend to get greater satisfaction from giving away cash than spending it.
“My research does support the idea that this is a good move for Mark Zuckerberg’s happiness,” Dunn said.
Zuckerberg’s ongoing donations may also help manage his blood pressure in later years.
UBC PhD student of psychology Ashley Whillans is the lead author of research slated for publication in the journal Health Psychology that sought to answer the question: Is spending money on others good for your heart?
In one study, the authors found the more money people spent on other people, the lower their blood pressure was two years later, according to the article. In another, they found participants who spent money on others for three straight weeks saw lower systolic and diastolic blood pressure than those who spent on themselves.
The Facebook CEO and his wife announced they are forming an organization called the Chan Zuckerberg Initiative, which will pursue their causes through charitable donations, private investment and promotion of government policy reform.
“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 posted on Facebook.