Facebook Chief Executive Mark Zuckerberg unveiled he will donate 99% of his shares to a new philanthropy project after announcing the birth of their daughter Max, who was born last week.
In a letter to their firstborn, the Facebook founder and his wife Priscilla Chan said they will give away their fortunes to the Chan Zuckerberg as they want to make the world a better place for their daughter to grow up in.
Zuckerberg, who will control the new initiative, said the amount currently amounts to $45 billion. He plans to spearhead Facebook for many years and will retain a controlling stake in the company.
Based on Facebook’s latest proxy statement, the founder and chairman has 4 million Class A shares and 422.3 million Class B shares.
The material has been provided by InstaForex Company – www.instaforex.com