Facebook’s founder Mark Zuckerberg and Priscilla Chan welcomed a baby girl, Max.
The couple said they would give 99 percent of their Facebook shares during their lives towards charitable purposes. This figure as Zuckerberg revealed is upwards of $45 billion. Zuckerberg and Chan announced this through a hand written letter to their newborn daughter in their effort to improve the future of next generations.
The plan, which was posted on the Facebook founder and chief executive officer’s page and has attracted more than 370,000 ‘likes’, follows other high-profile billionaires such as Warren Buffett and Bill and Melinda Gates, who have set up foundations to dedicate their massive fortunes to philanthropic endeavors.
Zuckerberg and Chan will forming a new organization, the Chan Zuckerberg Initiative, to manage the money, through an unusual limited liability corporate structure. “Our initial areas of focus will be personalized learning, curing disease, connecting people and building strong communities,” they wrote.
Vows to Daughter He’ll Donate 99% of His Facebook Share.
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