Mark Zuckerberg to Give Away 99% of FB Shares After Birth of First Child
Facebook CEO Mark Zuckerberg and Priscilla Chan welcomed their first child into the world with a pledge to donate an incredibly generous portion of their wealth to charity. The couple announced the birth of their daughter, Max, writing a letter and explaining their commitment to making the world a better place for all children.
"You've already given us a reason to reflect on the world we hope you live in."
The letter explains that Zuckerberg will be donating 99% of his Facebook shares, worth $44.3 billion, towards philanthropic efforts. The donations will occur over the course of several years; this might be one of the coolest parts of the pledge (besides the sheer amount of money and the inspiration for the pledge) because it's a promise to continually give back. The letter also details the formation of the Chan Zuckerberg Initiative which will initially focus on "personalized learning, curing disease, connecting people and building strong communities."
The exact plans and timeline for this pledge have yet to be revealed. A form filed with the United States Securities and Exchange Commission revealed that in the first three years, Zuckerberg will not be giving more than $1 billion per year. Zuckerberg owns 429 million shares and will be keeping $449 million worth of them as well as B shares and the majority voting position at Facebook "for the foreseeable future."
Read Mark and Priscilla's letter to their daughter which outlines the beginning of a life-long commitment to charity work and their hopes for the future below...
I'm a storyteller at heart, and music makes my world go round.