Mark Zuckerberg Plans to Donate 99% of Facebook Fortune
On December 1, 2015, Facebook CEO Mark Zuckerberg and his wife Priscilla Chan announced not only the birth of their first daughter, Max, but also another exciting announcement: their plan to give away 99% of their Facebook shares over the course of their lives.
The couple announced they will be creating an entity titled the Chan Zuckerberg Initiative, which was recently revealed in a Securities and Exchange Commission filing. Zuckerberg’s current net worth is estimated to be about $46.8 billion.
An excerpt from the filing reads the following: “On December 1, 2015, our Founder, Chairman and CEO, Mark Zuckerberg, announced that, during his lifetime, he will gift or otherwise direct substantially all of his shares of Facebook stock, or the net after-tax proceeds from sales of such shares, to further the mission of advancing human potential and promoting equality by means of philanthropic, public advocacy, and other activities for the public good. For this purpose, Mr. Zuckerberg has established a new entity, the Chan Zuckerberg Initiative, LLC, and he will control the voting and disposition of any shares held by such entity.”
Zuckerberg and Chan go into detail about their recent decision in a touching letter addressed to their daughter on Zuckerberg’s Facebook page. The letter is accompanied with a video, delving into how the couple wishes to see the world change for the better over the course of their daughter’s lifetime.
A brief excerpt from the letter states the following: “As you begin the next generation of the Chan Zuckerberg family, we also begin the Chan Zuckerberg Initiative to join people across the world to advance human potential and promote equality for all children in the next generation. Our initial areas of focus will be personalized learning, curing disease, connecting people and building strong communities. 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.”
While it has not yet been made clear where the money will be spent, the initiative’s investments have been defined as “philanthropic, public advocacy, and other activities for the public good.”
Learn more about Zuckberg and Chan’s new initiative by watching the video below.