Facebook Inc (NASDAQ:FB) is one of the most popular social media sites around the world but CEO Mark Zuckerberg and his wife said a few hours ago that they will give away 99 percent of their shares, which are currently worth around $45 billion. They will be given away to a new charity, according to the letter addressed to their new daughter.
Zuckerberg and his wife Priscilla are the latest names to join the list of those who have promised to give everything away to charity. On his Facebook page, the CEO posted a photo of himself, his wife and their new daughter, who was born last week. The post also had a long letter for their daughter that talked about education, health and Internet access, which the company has been trying to improve by helping out schools and coming up with projects.
Zuckerberg and his wife plan to give away 99 percent of the company’s shares to help the Chan Zuckerberg Initiative, which is looking to advance human potential and promote equality. The initiative will focus on many things, including Internet connectivity and community building.
Their daughter was born last week and the CEO announced last month that he would take two months of paternity leave after the birth of his daughter. The two have made a number of donations in 2015, most of them for public schools and initiatives to help bring or improve Internet access.
Five years ago, Zuckerberg signed the Giving Pledge, which has been signed by the world’s wealthiest individuals and families, and promises that they will give away more than half of their wealth to philanthropy and charities over their lifetime or in their will.
Zuckerberg is only 31 and plans to remain the CEO of the social networking site for many years to come. He is expected to be the controlling stockholder of Facebook for the future. The company added that the CEO plans to give away up to $1 billion of stock each year for the next three years.
The two said they would share more on the news when they return from their break with their daughter.
Facebook was launched 11 years ago and has 1.18 billion monthly active users as of August 2015. The page is the leading social networking site based on monthly unique visitors. The like button and the option to post the photos of you and your friends or family have turned Facebook into a giant. The United States currently has the most users, followed by India and Brazil.