Mark Zuckerberg will put 99 percent of his Facebook Inc share, currently worth about $45 billion, into a new philanthropy project focusing on human potential and equality, he and his wife said Tuesday (December 1) in a letter to their newborn daughter.
“Having this child has made us think about all of the things that should be improved in the world for her generation. The only way that we reach our full human potential is if we are able to unlock the gifts of every person around the world,” Zuckerberg said in a video he and his wife Dr. Priscilla Chan released to explain their decision.
The plan, which was posted on the Facebook founder and chief executive officer’s page, attracted more than 570,000 “likes,” including from singer Shakira, former California Governor Arnold Schwarzenegger and Melinda Gates, wife of Microsoft founder Bill Gates. The Gates and other high-profile billionaires such as Warren Buffett have set up foundations of their own to dedicate their massive fortunes to philanthropic endeavors.
In welcoming the birth of his first child on his Facebook page, Zuckerberg posted a photo of himself, his wife and their daughter, Maxima, nicknamed Max.
Their effort will focus on curing disease, Internet connectivity, community building and personalized learning – the idea that technology can help students learn at different paces.
“What does it take to make it so people don’t get sick anymore? Can we build more inclusive and welcoming communities. Can people in the next generation learn and experience a hundred times more things than we can?,” Zuckerberg said.
“We need to make sure there are investments in programs that ensure that the future isn’t going to be like today,the future is going to be better than today, Chan said.
Zuckerberg, 31, who will control the new initiative jointly with his wife while remaining in charge of the world’s largest online social network, said he would sell or give up to $1 billion in shares in each of the next three years.
This is not Zuckerberg’s first effort in philanthropy. When he was 26, he signed the Giving Pledge, which invites the world’s wealthiest individuals and families to commit to giving more than half of their wealth to philanthropy or charitable causes over their lifetime or in their will.
Zuckerberg is relatively young to commit so much of his wealth. Microsoft Corp -founder Gates was 45 in 2000, the year he and his wife founded the Bill and Melinda Gates Foundation. Buffett was 76 in 2006 when he committed to give away all of his Berkshire Hathaway stock to philanthropic organizations.
Chan and Zuckerberg have so far committed $1.6 billion to their philanthropy. They have given several donations this year, including to public schools, initiatives to bring better wireless Internet access and to San Francisco General Hospital, where Chan works as a pediatrician.
Zuckerberg and Chan said they will share more details when they return from their maternity and paternity leaves.
Zuckerberg has started his leave, a Facebook representative said, and will be available if “absolutely needed.” Sheryl Sandberg, chief operating officer, and Mike Schroepfer, chief technology officer, will run the company in Zuckerberg’s absence. (Reuters)