Facebook founder will give away $45,000,000,000
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: 1070L
Lexile

Assign to Google Classroom

Talk about birth announcements: 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 such causes as 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, 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, rather than as 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, particularly 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, that 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 an interview 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.

Source URL: https://www.tweentribune.com/article/tween78/facebook-founder-will-give-away-45000000000/

Filed Under:  
Assigned 45 times
CRITICAL THINKING QUESTION
Why is Mark Zuckerberg giving away so much money?
Write your answers in the comments section below


COMMENTS (25)
  • myas-wes
    12/09/2015 - 02:41 p.m.

    Mark is giveing away so much money because he cares about the schools and education . He gave the money to the hostapil because his wife got training and he wanted to amke it better.

  • ryanc-1-bar
    12/09/2015 - 11:24 p.m.

    The reason Mark Zuckerberg is giving away so much money around 45billion to be accurate is because he wants his daughter Max to live in a better world. evidence for this can be found on the 5th paragraph

  • mayaw-6-bar
    12/09/2015 - 11:30 p.m.

    Mark Zuckerberg is giving away so much money because he wants his daughter to grow up in a better world then the one we are currently living in. In paragraph 5, it says, '"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.' I found this article interesting because you usually never see extremely wealthy people doing things for the better good of society. I chose this article because it is unheard of to give away 45 billion dollars. I think he should keep a little bit more for himself, in case people stop using facebook.

  • elijahb-6-bar
    12/10/2015 - 11:14 p.m.

    Mark Zuckerberg is giving away so much money because it states "to solving the world's problems. It is in celebration of their new baby daughter, Max." I think that's it's insane that Mark is giving away pretty much most of his wealth to help causes around the world.

  • josepht-2-bar
    12/11/2015 - 12:12 a.m.

    To celebrate their new child by giving out money to solve the worlds problems. It says "Talk about birth announcements: 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." I think it is interesting that he would give out $45 billion to solve the world problems.

  • kchas-wim4
    12/11/2015 - 12:57 p.m.

    I like how Zuckerburg is giving away 99% of his assets. I think he wants the world to be a better place for his daughter. He wants to make the bad things at a minimum for his daughter.

  • jcruz-wim4
    12/11/2015 - 01:08 p.m.

    Mark Zuckerberg is giving about 45 million dollars away to the community to calibrate the birth of his kid

  • druss-wim56
    12/11/2015 - 01:54 p.m.

    He is giving away so much money to provide his nationwide community with the resources we need to provide to fighting diseases and helping improve education. I feel he is so smart towards his funding's he is setting an example to many other business people around the world. This will defiantly effect many people around our nation.

  • calon-wim5
    12/11/2015 - 02:04 p.m.

    This is too much money to give away. He should only give 1 billion dollars! I could never give up all of my money like that, well I think that's mostly because my mom always takes it and never pays me back. I'm glad there is someone finally not worrying about only themselves.

  • lukem-orv
    12/11/2015 - 02:46 p.m.

    Because kids are one of the BIGGEST responsibilities in the whole world and your main objective is to make your kid(s) happy, healthy, and satisfied. And apparently this guy cares so much about his wife's bundle of joy.

Take the Quiz Leave a comment
ADVERTISEMENT