Facebook CEO, now a father, will give away most of his money
Facebook CEO Mark Zuckerberg and his wife say they'll devote nearly all their wealth — roughly $45 billion — to solving the world's problems in celebration of their new baby daughter, Max.
In the same post, Zuckerberg said he and Chan will, over time, commit 99 percent of their Facebook stockholdings to such causes as fighting disease, improving education and "building strong communities."
"Like all parents, we want you to grow up in a world better than ours today," the 31-year-old social media mogul and his wife wrote in a letter to their daughter, which they also posted on Facebook.
By comparison, the Bill and Melinda Gates Foundation has an endowment of just over $41 billion, which includes wealth donated by the Microsoft founder and his friend, the businessman Warren Buffett.
The notion of investing money in companies that tackle social issues isn't new, but it has gained more currency among a younger generation of philanthropists, particularly in the tech world.
In a statement, Facebook said the couple's plan to transfer their shares over time won't affect his status as controlling shareholder of the company.