Mark Zuckerberg Giving Away 99% Of His Fortune

Photo Credit: Flickr

Photo Credit: Flickr

After the Facebook founder and his wife, Priscilla Chan, had their daughter Maxima Chan Zuckerberg I guess other things became more important. In the Facebook post , ‘A letter to our daughter’, the couple revealed they would donate 99% of their Facebook shares – currently valued at $46 billion – to support good causes.

The Facebook co-founder is using a somewhat unusual structure in order to fulfill his charitable pledge, since it is a limited-liability corporation, not a charitable trust. The flexibility of doing it this way, could make the foundation more effective, bit it also benefits more than a traditional trust.

The trust is set up to advance human potential and promote equality for all children in the next generation, Zuckerberg wrote in his open letter. The main focus will be personalized learning, curing disease, connecting people and building strong communities.

Zuckerberg does not plan to leave Facebook. He writes he will remain CEO for “many, many years to come. He plans to sell or gift no more than $1 billion of Facebook stock each year for the next three years and will retain his majority voting position for the foreseeable future.

Chan and Zuckerberg made a video before Max was born about their new project. Watch below.

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