Mark Zuckerberg and Priscilla Chan has recently announced that they are going to donate nearly all (99%) of their wealth for the social cause, as an act of celebration of their new baby daughter, Max. Last week, when the daughter arrived in their life, the duo had decided to do something significant for the society that will help solving some of its problems.
On his Facebook post, Zuckerberg has announced that over time, the family will done 99% of the Facebook stockholdings to some pressing social causes that involves disease, education and others. The couple is looking to build up a strong social community and has pledged already to give away half their assets during their lifetime. However, they have not yet spilled the details of the specifics.
Recently, they are busy with their new found organization called the Chan Zuckerberg Initiative, that is essentially designed to pursue the social goals through a slew of charitable donations, private investment and promotion of government-policy reform. "Like all parents, we want you to grow up in a world better than ours today," the 31-year-old social media mogul and his wife scribed in a letter to their daughter, which they also posted on Facebook. Such an announcement on Zuckerberg's part surely stunned the charity world. According to the president of the nonprofit Center for Effective Philanthropy ,"It's incredibly impressive and an enormous commitment that really eclipses anything that we've seen in terms of size."
As of now, the new organization will function as a limited liability company, more specifically a non-profit foundation. "They want the most flexibility and they are going to use a wide variety of activities to achieve their mission," says Rachael Horwitz, a Facebook spokeswoman, said via email. "So in that way this is not a foundation nor is it entirely charitable."
Though there's nothing new in their act of donating money, yet right now investing such a huge amount is surely a concern. Initially Zuckerberg has also showed an interest in influencing public policy. Along with that, Zuckerberg has also encouraged his other properties at Silicon Valley to take part in his initiative. According to a letter to their new born daughter, their only goal is "advancing human potential and promoting equality." It seems, he has already reached his goal. Zuckerberg has also added "We must make long term investments over 25, 50 or even 100 years. The greatest challenges require very long time horizons and cannot be solved by short term thinking."
According to the other sources, the Facebook co-founder is one of the world's wealthiest men, who
has already had quite a few significant contributions to his credit. mention must be made of the previous donation amounting to $100 million (roughly Rs. 665 crores) to public schools in Newark, New Jersey, and pledged $120 million (roughly Rs. 798 crores) to schools in poor communities of the San Francisco Bay Area. They've also given $75 million (roughly Rs. 498 crores) to the Zuckerberg San Francisco General Hospital, where Chan did her medical training.
However, while making his announcement about the donation, he has also said that such an attempt will never delimit his states as the shareholder of the company. In fact, Mark Zuckerberg will solely control the shareholder of the company in future. According to the sources, he will donate an amount more than $1 billion of Facebook stock every year for the next three years
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