Mark Zuckerberg and his wife Priscilla Chan have agreed to give away 99 per cent of their shares in Facebook to charity.
Their shares in the company are valued at $45 billion and they plan to give away no more than $1 billion a year over the course of the next three years. Mark Zuckerberg will still retain his majority voting rights over the social network.
Following the birth of their daughter Max, the couple decided it was time to do their part in making humanity a better place. Their end goal is to advance the potential of humanity and to promote equality amongst the next generation of children.
This steady influx of money could help spur new technology and could be a boost to many charitable institutions around the globe. Zuckerberg himself hopes to make the world a better place for future generations by curing diseases, personalising learning, harnessing clean energy, connecting people, reducing poverty, providing equal rights, and spreading understanding across nations.
To help distribute the wealth Mark Zuckerberg and Priscilla Chan have formed the Chan Zuckerberg Initiative. This initiative aims to advance human potential and promote equality in areas such as health, education, scientific research, and energy. They have already donated $120 million to help support education in underprivileged communities and are working towards eventually being able to offer internet access to those who cannot afford it around the world.
Zuckerberg is following in the footsteps of fellow billionaires Warren Buffett and Bill Gates as he decides to give the majority of his wealth to charity. Despite this he has vowed to remain Facebook's Chief Executive Officer for many years to come