Mark Zuckerberg Plans To Donate 99% of His Facebook Stock to the World
And it’s a girl! It was a crisp Tuesday morning, at 4 pm when Facebook CEO, Mark Zuckerberg and his wife announced the birth of the newest addition in the Chan-Zuckerberg family. Unsurprisingly, Facebook was the avenue the pair chose to announce this incredibly happy news.
Meet Maxima Chan Zuckerberg, weighing about a healthy seven pounds, eight ounces and already responsible for inspiring the biggest philanthropic pledges in America’s history.
Two Birds Killed With Once Stone
While the phrase isn’t used here in the appropriate sense, but the world certainly didn’t expect to hear future plans of the new parents. Currently standing at about $45 billion, Mark Zuckerberg plans to give away his Facebook stock (over the course of his life) in charity and as a gift to the world.
With a net worth of $46.8 billion, financial experts reckon the Silicon Valley billionaire soon won’t be the 7th richest person in the world but then again, this is Facebook’s CEO we’re talking about.
Making It Official
Many people thought Mark Zuckerberg and Priscilla Chan won’t go through with this decision; after all $45 billion is a ridiculously large sum to be given away to charity. Others thought the new parents would surely regret the announcement that was made in the throes of joy; however, the stock giveaway promise was made official in a filing with Securities and Exchange Commission soon after the announcement! Talk about keeping a promise.
This isn’t the first time Zuckerberg has been extremely generous with his contributions to charity. In 2010, the CEO joined ‘The Giving Pledge’, hereby making clear his intention of giving at least half of his net worth away. With this announcement, it seems the goal has been set even high with the establishment of the Chan Zuckerberg Initiative.
What Will The Chan Zuckerberg Initiative Address?
What we have come to know about the Initiative so far came in the form of a long letter that Mark Zuckerberg addressed to his newborn daughter in a post on his Facebook page. The long letter provides some details as to the purpose of the Initiative. In the letter, the proud father addresses ‘Max’ and says;
“We begin the Chan Zuckerberg Initiative as you begin the next generation of both our families. With the Initiative, we will join people living across the world and help them advance human potential and promote equality for children in the coming generation. The Initiative will focus on personalized learning, curing disease and building strong communities by connecting people. “
It seems this announcement was met with shockwaves in Silicon Valley, where Mike Bloomberg, billionaire CEO of Bloomberg LP, and an active philanthropist himself, took this opportunity to congratulate Zuckerberg on the birth and his decision, while issuing a challenge to other players in Silicon Valley to come forth with their charitable aspirations and philanthropic vision.
Of course if Facebook shares continue to climb up, the value of this very generous gift will be much higher than the current estimated 445 billion. For now, all we must do is wait and see what this social media king and billionaire’s next move shall be.