Facebook Founder Mark Zuckerberg Donating 99% of His Shares to Charity

Mark Zuckerberg, together with his wife Priscilla Chan, announced the birth of their daughter Max. Along with this announcement, they surprised everyone by saying that they will give 99 percent of their Facebook shares to good cause.

According to The New York times, Zuckerberg and Chan have decided that they will give away 99 percent of their Facebook stocks "during their lives", which is approximately more than $45 billion for charitable purposes. This decision was stated in an open letter to their newborn baby Max.

Apparently, Zuckerberg and Chan are working together on a new organization called The Chan-Zuckerberg Initiative. Their latest charitable plan is by far their biggest philanthropy contribution, and it was greatly inspired by their daughter Max.

The letter opened with the couple mentioning the added hope they have for the future with the birth of their daughter. They also added that like most parents, their concern is for their daughter to grow up in a world that is better than today. This is precisely why they have taken the initiative to form the charity and to teach and reach out to the world in ways like technology.

"We will do our part to make this happen, not only because we love you, but also because we have a moral responsibility to all children in the next generation," the letter stated. "We believe all lives have equal value, and that includes the many more people who will live in future generations and those who live today. Our society has an obligation to invest now to improve the lives of all those coming into this world, not just those already here."

According to BBC, Chan gave birth to Max last week but the news only came out Tuesday. In the letter, Zuckerberg said that the purpose of the Chan-Zuckerberg Initiative is to "advance human potential and promote equality for all the children in the next generation." The charity is focused on areas such as curing disease, personalised learning, building strong communities and connecting people.

The letter also highlighted that to make certain changes; technology will play a vital role to achieve their goals in advancing the human potential.

"We must build technology to make change. Many institutions invest money in these challenges, but most progress comes from productivity gains through innovation," Zuckerberg said. "We must participate in policy and advocacy to shape debates. Many institutions are unwilling to do this, but progress must be supported by movements to be sustainable."

He noted that more details about their donation will be released once they return to work from their maternal and paternal leave. Even with the massive donation, Zuckerberg will retain his majority voting position in the company's stock.

The letter ended with a declaration of love to their daughter, as well as a hopeful message about what Max has to offer to the world in the future.

 To read the full transcript of Zuckerberg's letter, click HERE.