In a letter to his newborn daughter, Mark Zuckerberg just announced that he will give away 99% of his Facebook shares to charity (an amount valued at $45 billion) over the course of his lifetime. Zuckeberg and his wife, Dr. Priscilla Chan, just launched the Chan Zuckerberg Initiative, whose mission is to “advance human potential and promote equality in areas such as health, education, scientific research, and energy.” The new dad will be taking two months paternity leave as he settles into being a family man, yet his influence over Facebook isn’t over yet.
The Chan Zuckerberg Initiative was formed as a limited liability company, controlled by the couple. Any net after-tax proceeds from selling shares over the course of their lives will be used toward the initiative’s mission. Zuckerberg will retain a majority voting position in Facebook stock “for the foreseeable future,” according to a release from the SEC, who also clarify that the billionaire will only sell or gift up to $1 billion of Facebook stock each year for the next three years.
The family’s official statement, released on the initiative’s Facebook page, describes their dedication to the company’s values and future philanthropic influence, stating “We will give 99% of our Facebook shares — currently about $45 billion — during our lives to advance this mission. We know this is a small contribution compared to all the resources and talents of those already working on these issues. But we want to do what we can, working alongside many others.” The effect the new addition to the family has on the Facebook CEO is pretty clear, as he says in his own words, “Your mother and I don’t yet have the words to describe the hope you give us for the future.”
Via Tech Crunch