Mark Zuckerberg Announced a Massive New Charity
Amy | On 03, Dec 2015
Reading time: 3 minutes
Mark Zuckerberg and his wife have recently announced the birth of their baby girl Max. That’s not just about it.
Along with that joyful news, Mark plans to give away 99% of his Facebook stock over the course of his life. That gift is currently worth $45 billion.
As we all know, Mark Zuckerberg is currently in the 7th place on the list of the richest people in the world (according to Forbes), with a net worth estimated at $46.8 billion.
Zuckerberg officially made his stock giveaway promise in a filing with the Securities and Exchange Commission.
The filing stated:
“On December 1, 2015, our Founder, Chairman and CEO, Mark Zuckerberg, announced that, during his lifetime, he will gift or otherwise direct substantially all of his shares of Facebook stock, or the net after-tax proceeds from sales of such shares, to further the mission of advancing human potential and promoting equality by means of philanthropic, public advocacy, and other activities for the public good. For this purpose, Mr. Zuckerberg has established a new entity, the Chan Zuckerberg Initiative, LLC, and he will control the voting and disposition of any shares held by such entity. 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.”
Mark Zuckerberg described in a long, detailed letter to their newborn daughter what the Chan Zuckerberg Initiative will do. You can also view this on their Facebook page, here.
Here is what Chan Zuckerberg Initiative will do:
“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. Our initial areas of focus will be personalized learning, curing disease, connecting people and building strong communities.”
The letter to their daughter explains the two main goals of Zuckerberg and Chan. They presented some questions about what advancing human potential and promoting equality means, including:
“Can our generation eliminate poverty and hunger?”
We at E-Motive Online, stand behind this whole theory, and Mark, may the Force be with you!