Facebook CEO Mark Zuckerberg and Dr. Priscilla Chan welcomed a baby girl to the world along with an announcement that they plan to give away a huge portion of their wealth through a new initiative that will “advance human potential and promote equality for all children in the next generation.” It is #GivingTuesday after all!
The billionaire and his physician wife promised to give away 99 percent of Facebook shares in their lifetime in a letter to their newborn Max posted on Facebook Tuesday, USA Today reported. Zuckerberg explained that there is so much more this generation can do and that her parents are “committing to spend our lives during our small part to help solve these challenges.”
“Our initial areas of focus will be personalized learning, curing disease, connecting people and building strong communities,” the couple wrote to their daughter. “We know this is a small contribution compared to all the resources and talents of those already working on these issues. But we want to do what we can, working alongside many others.”
Facebook’s Chief Operating Officer Sheryl Sandberg commented on their post. “This is a beautiful letter and an incredible commitment to future generations.”
Zuckerberg and Chan will donate almost all of their Facebook stock to the cause. “We will give 99% of our Facebook shares–currently about $45 billion–during our lives to advance this mission,” he wrote. “We know this is a small contribution compared to all the resources and talents of those already working on these issues. But we want to do what we can, working alongside many others.”
According to The Huffington Post, Facebook filed a form with the United States Securities and Exchange Commission Tuesday stating that Zuckerberg will not give more than $1 billion per year for the next three years. It also stated that he will maintain a majority voting position at Facebook “for the foreseeable future.”
Zuckerberg owns 419 million Facebook shares, according to the SEC filing and The Post. Tuesday’s closing price was $107.12.
Zuckerberg’s pledge to give away 99 percent of that makes his new initiative worth more than $44 billion. Zuckerberg will hold on to $449 million worth of Facebook shares with Facebook’s B shares.
According to Business Insider, Zuckerberg signed the Giving Pledge in 2010, which means he committed more than half of his wealth to charity. Bill Gates, one of Zuckerberg’s idols, and Warren Buffett started The Giving Pledge.