Facebook CEO Mark Zuckerberg to spend wealth on good causes

The pair will donate 99% of their Facebook shares to the initiative during their lives, which are now valued at around $45bn (£29.9bn).

To put this announcement into perspective, the staggering amount of resources Zuckerberg and Chan plan to donate exceeds that of the Bill and Melinda Gates Foundation, which has an endowment of just over $41 billion (including wealth donated by Warren Buffett).

Maxima Chan Zuckerberg is held by her parents, Mark Zuckerberg and Priscilla Chan Zuckerberg.

“Our hopes for your generation focus on two ideas: advancing human potential and promoting equality”, they tell baby Max.

He said: “Priscilla and I are so happy to welcome our daughter Max into this world!” Devoting his wealth to philanthropy at such an young age will not only benefit people from around the world for decades to come, it will also set an example for everyone in his generation who has the means to give. Meredith says public giving also can have a broad social impact.

The Facebook co-founder is one of the world’s wealthiest men.

“We believe all lives have equal value, and that includes the many more people who will live in future generations than live today”. They donated $120 million to education programs in the Bay Area through their nonprofit Startup:Education and donated $100 million to schools in Newark, New Jersey.

Instead of cigars, Facebook cofounder and CEO Mark Zuckerberg is celebrating the birth of his new daughter by pledging to give away 99% of his Facebook shares.

The couple’s donation will leave them with $450 million in shares. Horwitz said the baby was born early last week, but declined to say which day.

Zuckerberg said more details about the initiative will be shared once he and his wife “settle into our new family rhythm and return from our maternity and paternity leaves”.