Facebook CEO Mark Zuckerberg To Donate 99% Of Facebook Shares

Facebook CEO Mark Zuckerberg and Wife Priscilla Chan with their daughter Max

Facebook co-founder and CEO Mark Zuckerberg is celebrating the birth of his first child by promising to give away 99% of his Facebook shares.

Those shares, which will be given away over the founders lifetime, are currently worth $45 billion.

Zuckerberg says he and wife Priscilla Chan will choose projects and charities that advance human potential and promote equality.

News of the massive donation was made after Zuckerberg and his wife announced the birth of their first child, a little girl named Maxima Chan Zuckerberg or Max for short.

Zuckerberg will give away more than $1 billion in stock a year during the next three years, according to a filing with the SEC. He will keep his majority stake in Facebook, and maintain his voting control for the foreseeable future.

“We now 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 new parents said in the lengthy post.

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The Chan Zuckerberg Initiative will disperse the money, focusing on the following areas:  personalized learning, curing diseases, connecting people, and community building.

The couple have already donated more than $120 million to education program in the Bay Area through their nonprofit Startup:Education and donated $100 million to schools in Newark, New Jersey.

Recently the power coupel announced the creation of The Primary School, a new Bay Area school for underprivileged children that combines a top notch free education with free health care.

Zuckerberg and Chan had already signed Giving Pledge, a pact by billionaires including Warren Buffett and Bill Gates, to give away half or more of their money to charity.

They made their massive donation announced on Giving Tuesday, an annual event that encourages people to donate to charities.

In other news — looks how freaking cute their baby is!!!

Written by Peter Mondrose

Peter Mondrose

Peter Mondrose is the Editor-In-Chief at BusinessPundit. He received his degree in Economics in 1998 and a second degree in Journalism in 2004. He has served as a financial adviser, market trader, and freelance journalist for the last 11 years. When he's not investigating market conditions and reporting on workplace news, he can be found traveling with his wife, dog, and laptop. He can be reached at OnlineDegree.com.