Mark Zuckerberg Pledges 99% of His Facebook Shares to Charity

In an open letter addressed to their newborn daughter Max, Mark Zuckerberg and his wife, Dr. Priscilla Chan, promised they would donate 99 percent of their shares in Facebook to charitable purposes. The couple's shares are worth over $45 billion. Mr. Zuckerberg and his wife pledged to give this money away "during [their] lives."

According to the New York Times, the couple announced the formation of the Chan Zuckerberg Initiative to manage the money. In the letter, they wrote, "Our initial areas of focus will be personalized learning, curing disease, connecting people and building strong communities."

The couple has not yet indicated how the money will be allocated, and to which charities they plan to donate.

Mr. Zuckerberg's track record in charitable donations has been somewhat scattered thus far. In 2010, Zuckerberg and his wife pledged $100 million to improving the public schools of Newark, New Jersey. However, 5 years later, the process has been mired in controversy and opposition, as parents and educators feel Zuckerberg's efforts are spent only on the high-performing charter schools.

In the letter to their daughter, the couple wrote, "We must build technology to make change. Many institutions invest money in these challenges, but most progress comes from productivity gains through innovation. 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."

Bill and Melinda Gates, known for their philanthropic efforts, came out in support of the couple's pledge. "The example you're setting today is an inspiration to us and the world," they said. "We can be confident of this: Max and every child born today will grow up in a world that is better than the one we know now. As you say, 'Seeds planted now will grow.' Your work will bear fruit for many decades to come."