Facebook Co-Founder and CEO Mark Zuckerberg said that he and his wife will give 99% of their shares, worth more than $45 billion, in Facebook for a new organization.
Zuckerberg made this announcement in an open letter posted on his official Facebook page. He and his wife, Dr. Priscilla Chan, written this letter to their newborn daughter, Maxima Chan Zuckerberg, who was born about a week ago. Facebook, however, did not disclose her exact birth date.
Last month, Zuckerberg shocked the corporate world by announcing that he is taking two months paternity leave after her daughter’s birth.
According to Mr. Zuckerberg, he and his wife will establish a new charity organization focusing on personal learning, curing disease, and developing communities. Named the Chan Zuckerberg Initiative, the organization will manage the money through an unusual limited liability corporate structure, The New York Times reported. More details about Chan Zuckerberg Initiative will be released soon.
“Our initial areas of focus will be personalized learning, curing disease, connecting people and building strong communities,” according to their open letter.
In nature, both Mr. Zuckerberg and Dr. Chan are very generous, and they are still young billionaires. By doing this, they are setting a great example for other young billionaires. The couple looks eager to spread their money to build better communities. Mr. Zuckerberg’s age is 31, while Dr. Chan is a 30-year old mother.
The duo donated $100 million to the public schools in Newark in 2010. That money was used for the expansion of high-performing charter schools.
On the Facebook, more than 570,000 liked Zuckerberg’s charity announcement. Reuters reported that this plan was appreciated by top celebrities including singer Shakira, former California Governor Arnold Schwarzenegger and Melinda Gates, wife of Microsoft founder Bill Gates.
Zuckerberg will keep running popular social networking website Facebook, which is valued at over $300 billion. He wants to keep controlling Facebook for a long-time.
The latest regulatory documents filed with the SEC showed that Zuckerberg holds 4 million Class A shares and 422.3 million Class B shares of Facebook. According to the Reuters, Zuckerberg owns 54% of the voting power of the company’s shares.
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