Facebook Chief Vows to Donate 99% of His Shares for Charity

SAN FRANCISCO: Mark Zuckerberg, the co-founder and chief executive of Facebook, announced Tuesday that he and his wife would give 99 percent of their Facebook shares “during our lives” – holdings currently worth more than $45 billion – to charitable purposes.

The pledge was made in an open letter to their newborn daughter, Max, who was born about a week ago.

Zuckerberg and his wife, Dr. Priscilla Chan, said they were 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.

Zuckerberg’s charitable plans are the latest indication of a growing interest in philanthropy among Silicon Valley’s young billionaires, who, unlike previous generations of business tycoons, appear eager to spread their wealth while they are still young. Zuckerberg is 31, and Chan is 30.

Yet they are entering largely uncharted waters with a charity effort of such scale. They have not yet detailed how the money will be spent, and the pace in which the money will be given out indicates they plan to take their time.

The couple have had mixed results in earlier charitable efforts.

In a securities filing, Facebook said Zuckerberg planned “to sell or gift no more than $1 billion of Facebook stock each year for the next three years.” He intends to retain his majority voting position in the company’s stock for the foreseeable future.

“Having this child has made us think about all of the things that should be improved in the world for her whole generation,” Zuckerberg said in a video. “The only way that we reach our full human potential is if we’re able to unlock the gifts of every person around the world.”

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Source:Ndtv