Facebook CEO Mark Zuckerberg, together with his wife Priscilla Chan, announced that they will donate 99 percent of their shares to support the human potential advancement and promote equality for all children in the future generation.
The announcement was made in a letter on his Facebook page addressed to their daughter, Maxima Chan-Zuckerberg. Zuckerberg's current shares in the company amounts to $45 billion. According to BBC News, the couple decided to donate most of their fortune to ensure that their daughter grows up in a better place.
CEO Zuckerberg confirmed that the donation is currently amounting to $45bn (£30bn). In his letter, Zuckerberg reiterated the focus of their donation and that is to promote equality and human potential through personalized learning, curing disease, connecting people, and building strong and healthy communities for the future.
"Your mother and I don't yet have the words to describe the hope you give us for the future. Your new life is full of promise, and we hope you will be happy and healthy so you can explore it fully. You've already given us a reason to reflect on the world we hope you live in," Zuckerberg said in his letter to Max.
The Chan-Zuckerberg charity initiative is going to be considered as a new organization controlled by the couple. Facebook recently released a statement that the new charity will fund non-profit organizations, make private investments, and participate in policy debates. The company further stressed that any profits acquired from their investments will be utilized to fund additional work to enhance their mission.
CEO Zuckerberg will still control his shares and the new charity initiative that he and his wife have established. The said organization will not affect Zuckerberg's status of being Facebook's controlling stockholder. Furthermore, Zuckerberg commits to slash more than $1 billion of Facebook stock each year to support the initiative.
