Question: Mark Zuckerberg is giving away what percentage of his Facebook shares to a good cause?
Answer: 99% – He said that they are donating their fortune to the Chan Zuckerberg Initiative
Mark Zuckerberg and his wife Priscilla Chan say that they are going to give away 99% of their shares in the company to a good cause as they announce the birth of their daughter Max.
The fortune is going to be donated to the Chan Zuckerberg Initiative, with the mission to “Advance human potential and promote equality in areas such as health, education, scientific research, and energy.”
The Chan Zuckerberg Initiative was launched by Mark and his wife Priscilla on 26th November 2009, with the couple donating $5 million to the University of California San Francisco Children’s Hospital. The couple then went on to donate $75 million more to help complete necessary improvements and advancements to the UCSF General Hospital. The school and hospital’s future is incredibly important to Chan because she did her residency at UCSF. Chan thinks it is so important to have good teachers who present students with opportunities.
The couple has consistently donated to school systems as well as innovative programs to provide equal opportunities to students around the USA. Another consistent goal of the Chan Zuckerberg Initiative is to fight climate change. Zuckerberg and more philanthropists such as Bill Gates joined forces to launch the Breakthrough Energy Coalition, which aims to “invest in early-stage energy companies to get innovation out of the lab and into the marketplace with scalable technologies.”
The donation from Facebook to the Initiative amounts to $45bn (£30bn) at Facebook’s current value, however the shares will not be donated to charity immediately, but over the course of the couples lives.
Were Mr Zuckerberg to give away 99% of his shares immediately, he would still possess hundreds of millions of dollars.
Do you think Mark is spending this money wisely? Where would you put your money if you had Zuckerberg’s fortune?