Zuckerberg announces plan to give away his fortune

Posted on December 4, 2015

 

Facebook CEO Mark Zuckerberg and wife Priscilla Chan have announced that they are to give away an overwhelming majority of their shares in his company to charity.

The multi-billionaire made the statement on Facebook, in a post to his newly-born daughter Max.

He said that by donating the greater part of his vast wealth to the Chan Zuckerberg Initiative, the couple hoped to make the world a nicer place for their daughter to live in.

In total, the donation amounts to £30 billion, accounting for 99% of Zuckerberg’s net worth. The shares will not be donated in one go, however; they will be given to the charity over the course of the couple’s lifetime. If they were given in one transaction, Zuckerberg would hardly be broke, as he would still sit on a fortune of hundreds of millions of pounds. Ms. Chan’s personal worth is unknown at this time.

The aim of the Chan Zuckerberg Initiative is “to advance human potential and promote equality for all children in the next generation”. It will first of all focus on fighting disease, educating children and building communities.

Although Ms. Chan gave birth to Max last week, it was only announced on December 1st. In his heartfelt letter, Zuckerberg said:

“Your mother and I don’t yet have the words to describe the hope you give us for the future.

“You’ve already given us a reason to reflect on the world we hope you live in.”

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