“Priscilla and I are so happy to welcome our daughter Max into this world, ” Zuckerberg posted on his Facebook page.
Max is short for Maxima (Maxima in Hebrew is Charming).
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To celebrate her birth, he and his wife, Priscilla Chan, plan to donate 99 percent of their Facebook shares — about $45 billion — to “advancing human potential and promoting equality” through a new organization called the Chan Zuckerberg Initiative.
The new company will fund nonprofits, make private investments, and participate in policy debates, focusing initially on personalized learning, curing disease, connecting people, and building strong communities. Zuckerberg will still retain majority voting rights in Facebook.
Here’s Zuckerberg’s full post:
Facebook’s Chief Operating Officer Sheryl Sandberg commented on Facebook: “This is a beautiful letter and an incredible commitment to future generations.”
Zuckerberg only 31, founder of the world’s most popular social network and boasts a $300 billion market cap. Even if he were to give all 99 percent of his shares away today, he and Chan would still be holding Facebook shares worth an estimated $450 million.
Facebook said Zuckerberg’s gradual dispersal of Facebook shares would not affect his status as the controlling shareholder of Facebook “for the foreseeable future.” Zuckerberg has committed to disposing of no more than $1 billion of Facebook stock
Zuckerberg will continue his role as chairman and CEO “for many, many years, ” Facebook said in a statement.
“Mark and Priscilla are early in their careers and will continue to lead active lives — Priscilla as a pediatrician and Founder and CEO of The Primary School, and Mark as the leader of Facebook, ” according to the statement. “They have been very fortunate in their work and do not want to wait until later in life to give back. Instead, they believe in pursuing philanthropy concurrently with pursuing their professional careers.”
Mark and Priscilla have donated $1.6 billion to philanthropy, including $120 million to support education in underserved communities in the Bay Area, $75 million to San Francisco General Hospital to complete a new trauma center and buy equipment and technology, $25 million to the Centers for Disease Control and Prevention to help stop the spread of Ebola and $100 million to the Newark Public School System.