Facebook CEO Mark Zuckerberg Celebrates Birth of Daughter With Pledge to Give …

2 Dec 2015 | Author: | No comments yet »

Facebook founder Zuckerberg shares birth announcement, plans to give away fortune.

Facebook Inc (FB.O) Chief Executive Officer Mark Zuckerberg and his wife said on Tuesday they will give away 99 percent of their Facebook shares, currently worth about $45 billion, to a new charity in a letter addressed to their daughter, Max, who was born last week.

The plan mirrors a move by other high-profile billionaires like Warren Buffett and Bill and Melinda Gates, who have pledged and set up foundations to give away their fortunes to charity. The couple didn’t put out the news until Zuckerberg posted it Tuesday on – of course – Facebook. “Today your mother and I are committing to spend our lives doing our small part to help solve these challenges. I will continue to serve as Facebook’s CEO for many, many years to come, but these issues are too important to wait until you or we are older to begin this work. By starting at a young age, we hope to see compounding benefits throughout our lives.” “As you begin the next generation of the Chan Zuckerberg family, we also begin the Chan Zuckerberg Initiative to join people across the world to advance human potential and promote equality for all children in the next generation.

They have given several donations this year, including to public schools, initiatives to bring better wireless Internet access and to San Francisco General Hospital, where Chan works as a paediatrician. When Zuckerberg was 26, he signed the Giving Pledge, under which the world’s wealthiest individuals and families commit to give more than half of their wealth to philanthropy or charitable causes over their lifetime or in their will. But we want to do what we can, working alongside many others.” We’ll share more details in the coming months once we settle into our new family rhythm and return from our maternity and paternity leaves.

He has informed us that he plans to sell or gift no more than $1 billion of Facebook stock each year for the next three years and that he intends to retain his majority voting position in our stock for the foreseeable future. Zuckerberg will be conducted pursuant to a trading plan established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

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