Facebook Inc (FB.O) Chief Executive Officer Mark Zuckerberg
and his wife said on Tuesday they will give away 99 percent of their
Facebook shares, currently worth about $45 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.'
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 percent 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 personalized 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 7 lbs 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
public schools, initiatives to bring better wireless Internet access and
to San Francisco General Hospital, where Chan works as a pediatrician.
When
Zuckerberg was 26, he signed the Giving Pledge, under which the world's
wealthiest individuals and families commit to give more than half of
their wealth to philanthropy or charitable causes over their lifetime or
in their will.
Zuckerberg
said he still plans to remain CEO of Facebook for "many, many years to
come," and Facebook said Zuckerberg is expected to be the controlling
stockholder of the company for the foreseeable future. He has committed
to give away up to $1 billion of Facebook stock each year for the next
three years, the company said.
Zuckerberg and Chan said they will share more details when they return from their maternity and paternity leaves.
Reporting: Abhirup Roy (Bengaluru) and Yasmeen Abutaleb (San
Francisco).
Writing: Bernard Orr.
Editing: Maju Samuel, Stephen R.
Trousdale and Bill Rigby.
Review: Emerging Market Formulations & Research Unit, Flagship Records.
For The #FacebookTeam