In a Facebook post announcing the birth of their first child, Mark Zuckerberg and Priscilla Chan revealed on Tuesday the couple will be giving away 99 percent of their Facebook shares—a current estimate of $45 billion—to a wide range of charities to “join many others in improving this world for the next generation.”
Here is a portion of the Facebook post that they addressed to their newborn daughter Max:
We will give 99% of our Facebook shares — currently about $45 billion — during our lives to advance this mission. We know this is a small contribution compared to all the resources and talents of those already working on these issues. 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. We understand you’ll have many questions about why and how we’re doing this.
This contribution is much larger than any of the previous charitable pledges the Facebook CEO and his wife have made in the past. In June, the couple donated $5 million to helping undocumented teenagers receive higher education. Last year, the Facebook CEO donated $25 million to fighting Ebola.
Read Zuckerberg’s post in its entirety here. And Mazel Tov to the new parents!