Facebook founder will give away $45,000,000,000 In this photo provided by Mark Zuckerberg, Max Chan Zuckerberg is held by her parents, Mark Zuckerberg and Priscilla Chan Zuckerberg. Facebook CEO Mark Zuckerberg and his wife announced the birth of their daughter, Max, as well as plans to donate most of their wealth to a new organization that will tackle a broad range of the world's ills. (Mark Zuckerberg via AP)
Facebook founder will give away $45,000,000,000
Lexile

Facebook CEO Mark Zuckerberg and his wife say they'll devote nearly all their wealth - roughly $45 billion - to solving the world's problems. It is in celebration of their new baby daughter, Max.
 
Zuckerberg's wife, Priscilla Chan, gave birth to a 7-pound, 8-ounce daughter in November. But the couple didn't put out the news until Dec. 1. Zuckerberg posted it on Facebook, of course.
 
In the same post, Zuckerberg said he and Chan will, over time, commit 99 percent of their Facebook stockholdings to various causes. They include fighting disease, improving education and "building strong communities." The couple had previously pledged to give away at least half their assets during their lifetime. But they had not provided specifics.
 
They are forming a new organization. It's called the Chan Zuckerberg Initiative. It will pursue those goals through a combination of charitable donations, private investment and promotion of government-policy reform.
 
"Like all parents, we want you to grow up in a world better than ours today," the 31-year-old social media mogul and his wife wrote in a letter to their daughter. They also posted it on Facebook.
 
The announcement stunned the charity world. "It's incredibly impressive and an enormous commitment that really eclipses anything that we've seen in terms of size," said Phil Buchanan.  He is president of the nonprofit Center for Effective Philanthropy.
 
By comparison, the Bill and Melinda Gates Foundation has an endowment of just over $41 billion. It includes wealth donated by the Microsoft founder and his friend, the businessman Warren Buffett.
 
The Zuckerberg initiative will be organized as a limited liability company, however. That is different from a nonprofit foundation. "They want the most flexibility. And they are going to use a wide variety of activities to achieve their mission," Rachael Horwitz, a Facebook spokeswoman, said via email. "So in that way this is not a foundation. Nor is it entirely charitable."
 
The notion of investing money in companies that tackle social issues isn't new. But it has gained more currency among a younger generation of philanthropists. That is especially true in the tech world.
 
Zuckerberg has also shown a previous interest in influencing public policy. He led other prominent Silicon Valley figures in forming a group, FWD.us.  It lobbied and gave donations to congressional candidates in an unsuccessful effort to promote immigration reforms. Depending on how much of the new effort is devoted to lobbying, it could raise new questions about the influence of money in today's politics, some experts said.
 
In the letter to their daughter, Zuckerberg and Chan described their goals as "advancing human potential and promoting equality." They added: "We must make long term investments over 25, 50 or even 100 years. The greatest challenges require very long time horizons and cannot be solved by short term thinking."
 
While Zuckerberg promised to release more details in the future, he said the couple will transfer most of their wealth to the initiative "during our lives." The couple will be in charge of the initiative. But Zuckerberg won't quit his day job.
 
"I have a full time job running Facebook," he told The Associated Press in November.  At that time, he discussed the couple's approach to philanthropy. Of his job at the social network, he added, "I'm going to be doing this for long time."
 
The Facebook co-founder is one of the world's wealthiest men. He and Chan, a 30-year-old pediatrician, have donated $100 million to public schools in Newark, New Jersey. They have pledged $120 million to schools in poor communities of the San Francisco Bay Area. They've also given $75 million to the Zuckerberg San Francisco General Hospital. That's where Chan did her medical training.
 
In a statement, Facebook said the couple's plan to transfer their shares over time won't affect his status as controlling shareholder of the company. The company said Zuckerberg has committed to dispose of no more than $1 billion of Facebook stock every year for the next three years.
 
Zuckerberg and Chan had announced on Facebook last July that they were expecting a daughter.
 
"Mom and baby are both healthy and doing well," Horwitz added. Zuckerberg has said he plans to take two months of paternity leave.

Filed Under:  
Assigned 177 times
CRITICAL THINKING QUESTION
Why is Mark Zuckerberg giving away so much money?
Write your answers in the comments section below


COMMENTS (105)
  • hunterm-ver
    12/08/2015 - 05:29 p.m.

    He wants the world to be better for his newborn daughter Max. He is giving it overtime to multiple charities.

  • jasminec-6-bar
    12/08/2015 - 08:05 p.m.

    Mark Zuckerberg gave away so much money to celebrate his new daughter, Max, and so that world problems can be solved for her future. "In a statement, Facebook said the couple's plan to transfer their shares over time won't affect his status as controlling shareholder of the company." The quote explains how although Zuckerberg promised to donate forty-five billion dollars he will do so over the course time so that he will still be able to control his company.
    I found this article to be surprising because I had always heard that he was a selfish jerk and thought that he did not care to give away any of his wealth.

    • jonathanvilches-sch
      12/09/2015 - 02:21 p.m.

      3.
      I agree with you i also heard that he was a selfish jerk. he is probably just doing this so his baby has a better future.

  • Eric0221-YYCA
    12/08/2015 - 08:21 p.m.

    I think that it is cool that the facebook founder who will give away $45,000,000,000 which can be a lot of money to give away but he is trying to use the money just for support around the whole world. I think that the facebook founder had to give away his money so that he could support people from around the whole world. The facebook founder might have been very helpful to other people because I think that he wants to support people in the whole world.

  • williamb-6-bar
    12/08/2015 - 09:23 p.m.

    Mark Zuckerberg is giving away so much money because he is putting it to good cause. He will not be able to spend 45 billion dollars in his lifetime. The Zuckerberg's had a new child and they celebrated by giving money to the people in need. Mark is a amazing person for doing these great deeds. I think this is a great idea.

  • nanm-wes
    12/09/2015 - 09:13 a.m.

    Mark Zuckerberg is giving away so much money to celebrate his new born.He is giving it to people who need the money and to the poors.He is also giving away the money because he want his daughter to have a good life and the world problem will be solve in the future for her.

  • rashiyad-wes
    12/09/2015 - 09:19 a.m.




    Mark Zuckerberg gave away so much money to celebrate his new daughter, Max, and so that world problems can be solved for her future. "In a statement, Facebook said the couple's plan to transfer their shares over time won't affect his status as controlling shareholder of the company." The quote explains how although Zuckerberg promised to donate forty-five billion dollars he will do so over the course time so that he will still be able to control his company.

  • masond1-sch
    12/09/2015 - 01:14 p.m.

    Mark Zuckerberg is giving away his money because he wants to make the world a better place by donating portions of his money to many different hospitals, schools, and the poor. Critical thinking question

  • jennaw-1-bar
    12/09/2015 - 01:54 p.m.

    Mark Zuckerberg is giving away so much money, because he wants to celebrate his daughter. The new daughters name is Max, and he wants to be prepared for anything coming up in her future. In the quote "We want you to grow up in a world better than ours." shows how they want her to grow up normal, or even a little more normal than others. They want her to grow up being happy.

  • jonathanvilches-sch
    12/09/2015 - 02:07 p.m.

    1.
    Who:facebook ceo Mark Zuckerberg
    What:giving away 45,000,000,000
    Were:doesnt say
    Why:cause he wants his baby to have a better future
    How:hes is going to give out money

Take the Quiz Leave a comment
ADVERTISEMENT