The Chan-Zuckerberg Facebook Initiative: What Is This $45 Billion For?

“Like all parents, we want you to grow up in a world better than ours today…”

“Our initial areas of focus will be personalized learning, curing disease, connecting people and building strong communities”, the proud new parents wrote in the letter, which was posted to both of their Facebook pages.

Facebook founder and CEO Mark Zuckerberg pledged that he and his wife will give away 99 percent of their shares in the company “during our lives” to charity.

Zuckerberg hopes for Max’s generation relies on two ideas: “advancing human potential” and “promoting equality”.

The Zuckerbergs are planning to give away what amounts to about $45 billion at today’s value, but it won’t be all at once. It added “many institutions invest money in these challenges, but most progress comes from productivity gains through innovation”. The letter covers Zuckerberg’s passions for giving the world access to the Internet and his belief that this generation could be the one to end world hunger, along with many other initiatives. The Gates and other high-profile billionaires such as Warren Buffett have set up foundations of their own to dedicate their massive fortunes to philanthropic endeavors.

It’s a continuation of what we’ve seen developing over the past six months, where Zuckerberg appears at ease hosting heads of state as he does in the company of his own development team. The couple also celebrated the birth of their new baby girl, Max Chan Zuckerberg.

The donated money will be pooled in for bringing about positive changes in the needy areas; to participate in policy debates, to make private investments and to fund non-profit organizations.

Read the touching letter here.

Chan and Zuckerberg expounded on the initiative in a video posted before the birth of their child.

Zuckerberg made his stock giveaway promise official in a filing with the Securities and Exchange commission. The couple did say once they’ve settled into their new “family rhythm” and return from maternity and paternity leaves, they will share more information.