Facebook’s Zuckerberg to give 99% of shares to charity
Plan mirrors move by other high-profile billionaires such as Buffett and Gates
Facebook Inc Chief Executive Officer Mark Zuckerberg and his wife said on Tuesday they will give away 99 per cent of their Facebook shares, currently worth about $45 billion (Dh165 billion), to a new charity in a letter addressed to their daughter, Max, who was born last week.
The plan mirrors a move by other high-profile billionaires like Warren Buffett and Bill and Melinda Gates, who have pledged and set up foundations to give away their fortunes to charity. On his Facebook page, Zuckerberg posted a photo of himself, his wife, Priscilla Chan and their new daughter, Max, along with a post entitled “A letter to our daughter.”
Initiative
In the 2,220-word letter, Zuckerberg and Chan touched on issues including health, education, internet access and learning before announcing the Chan Zuckerberg Initiative, which aims to “advance human potential and promote equality.” Zuckerberg, 31, and Chan said they plan to give away 99 per cent of their Facebook shares over their lifetimes to advance the initiative, which was formed as a limited liability company controlled by the two. It will begin by focusing on personalised learning, curing disease, internet connectivity and community building. Max Chan Zuckerberg was born early last week — though Facebook did not specify her birth date — and weighed 7lbs 8 ounces at birth. Last month, Zuckerberg announced he would take two months of paternity leave after the birth of his daughter.
Chan and Zuckerberg have so far committed $1.6 billion to their philanthropy. They have given several donations this year, including to state schools, initiatives to bring better wireless internet access and to San Francisco General Hospital, where Chan works as a paediatrician.