Mark Zuckerberg Pledges to Give Wealth to Worthy Causes
"We will give 99% of our Facebook shares — currently about $45 billion — during our lives to advance this mission," the Facebook founder wrote on Tuesday.
Mark Zuckerberg and his wife, Dr. Priscilla Chan, announced Tuesday — on Facebook, naturally — that they have a newborn daughter named Max, and also that she won't be inheriting much of the couple's fortune because it will mostly go to philanthropic efforts.
In a letter the couple wrote to their new daughter, they also announced the creation of the Chan Zuckerberg Initiative, which will focus on curing diseases, personalized learning, promoting equal opportunity for all children and more.
"We will give 99% of our Facebook shares — currently about $45 billion — during our lives to advance this mission," the couple wrote in the letter, also posted at Facebook.
In an SEC filing on Tuesday, Facebook made it known that its CEO obviously doesn't intend to sell en masse and drive down the share price, and that he will control the voting and disposition of any shares held by the Chan Zuckerberg Initiative.
Zuckerberg "has informed us that he plans to sell or give no more than $1 billion of Facebook stock each year for the next three years and that he intends to retain his majority voting position in our stock for the foreseeable future," reads the SEC filing.
"Like all parents, we want you to grow up in a world better than ours today," the Zuckerbergs say in their letter to Max, just before listing several questions they'll seek to answer with their Facebook fortune. "Can you learn and experience 100 times more than we do today? Can our generation cure disease so you live much longer and healthier lives? Can we connect the world so you have access to every idea, person and opportunity?"