Facebook CEO Mark Zuckerberg and his wife, Priscilla Chan, plan to give away 99% of their Facebook shares to charity, Zuckerberg said Tuesday in a Facebook post. The news comes as the couple also announced the birth of their first child, a daughter named Max.
That portion of Facebook shares is currently valued at $45 billion, according to Zuckerberg. The donations won’t happen right away: a filing with the Securities and Exchange Commission says the Facebook CEO plans to “sell or gift” no more than $1 billion worth of Facebook stock every year over the next three years.
That SEC filing also indicates Zuckerberg plans to contribute the funds to the Chan Zuckerberg Initiative. He will continue to control the voting rights of any shares held by that organization.
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