Mark Zuckerberg to donate 99% of his Facebook shares

The couple announced the birth of their daughter, Max, on Zuckerberg’s Facebook page.

“Like all parents, we want you to grow up in a world better than ours today”, the 31-year-old social media mogul and his wife wrote in a letter to their daughter, which they also posted on Facebook.

The charity will be funded, according to the letter, via 99 percent of the Facebook shares that the couple holds together. “It’s a world where our generation can advance human potential and promote equality – by curing disease, personalizing learning, harnessing clean energy, connecting people, building strong communities, reducing poverty, providing equal rights and spreading understanding across nations”. Priscilla Chan, he announced Tuesday on Facebook.

“We will do our part to make this happen, not only because we love you, but also because we have a moral responsibility to all children in the next generation”, the letter said. “Your mother and I don’t yet have the words to describe the hope you give us for the future…” We’ll share more details in the coming months once we settle into our new family rhythm and return from our maternity and paternity leaves.

Among other things, they hope to “engage directly with the people we serve”, build technology, “participate in policy and advocacy to shape debates”, back independent leaders, and “take risks today to learn lessons for tomorrow”.

The estimated value of those shares is roughly $45 billion.

Mr Zuckerberg “intends to retain his majority voting position in our stock for the foreseeable future”, Facebook said in the SEC filing. “As of the date of this filing, Mr. Zuckerberg beneficially owns approximately 4 million shares of Class A common stock and approximately 419 million shares of Class B common stock”.

The couple plan to donate a billion a year for the next three years under the aegis of the Chan Zuckerberg Initiative to begin the charitable giving.