Mark Zuckerberg and his wife Priscilla Chan have announced that they will donate 99 per cent of their Facebook shares ‘for the greatness of human progress’.
The couple, who also announced the birth of their baby girl Maxima Chan Zuckerberg, pledged to donate about $45 billion (£29 billion) of Facebook stock, to promote equality and the human potential.
Sharing the news in an open letter to their daughter, Mark and Priscilla said they are launching the Chan Zuckerberg Initiative, which will focus on research and development around education and increased access to technology for people in poverty.
As part of the letter, the new parents listed a number of bullet points that will help them achieve their mission of building a better world.
These include: long term investments, engaging directly with communities, building technology to make change, participating in policy and advocacy to shape debates and taking risks to learn lessons for tomorrow.
The full amount is pledged over the course of Zuckberg’s life but for the time being, the Initiative will be funded by three annual donations, made from the sale of Zuckerberg’s stock at a maximum of $1 billion (£66 million) each year.
This is not the first time the couple have launched a charitable project. Last year, the couple reportedly pledged $25 million (£16 million) to help contain the spread of Ebola.