Facebook founder Mark Zuckerberg and his wife Priscilla Chan are planning to give away 99 per cent of the shares they have in the social network to charity.
Worth around $45 billion, the shares will be given to a charitable foundation promoting a number of worthy causes. The move comes after the couple became parents following the birth of their daughter, Max.
"Priscilla and I are so happy to welcome our daughter Max into this world. For her birth, we wrote a letter to her about the world we hope she grows up in," Zuckerberg said in a posting on Facebook.
"It's a world where our generation can advance human potential and promote equality - by curing disease, personalising learning, harnessing clean energy, connecting people, building strong communities, reducing poverty, providing equal rights and spreading understanding across nations."
Zuckerberg added that he and his wife were "committed to doing our small part to help create this world for all children".
"We will give 99 per cent of our Facebook shares -- currently about $45 billion -- during our lives to join many others in improving this world for the next generation."
"Thank you to everyone in this community for all your love and support during the pregnancy. You've given us hope that together we can build this world for Max and all children."
The billionaire social network founder published pictures on Facebook of the couple with their new child. The couple were married in 2012.
Zuckerberg said that following the birth of the baby, he would take two months' paternity leave and said that it was important to spend time with new-born babies.
The new parents have set up the Chan Zuckerberg Initiative which is aimed that advancing "human potential and promote equality for all children in the next generation".
Initially this will focus on areas such as personalised learning, curing disease, connecting people and building strong communities.
Filings made with the US Securities and Exchange Commission, said that Zuckerberg "plans to sell or gift no more than $1 billion of Facebook stock each year for the next three years and that he intends to retain his majority voting position."
-
Cleo attack victim list grows as Hertz confirms customer data stolenNews Hertz has confirmed it suffered a data breach as a result of the Cleo zero-day vulnerability in late 2024, with the car rental giant warning that customer data was stolen.
-
Lateral moves in tech: Why leaders should support employee mobilityIn-depth Encouraging staff to switch roles can have long-term benefits for skills in the tech sector
-
Meta to pay $725 million in Cambridge Analytica lawsuit settlementNews The settlement closes the long-running lawsuit into how Facebook's owner, Meta, handled the Cambridge Analytica scandal
-
Meta's earnings are 'cause for concern' and 2023 looks even bleakerAnalysis Calls for investor faith in metaverse tech only emphasise the worries that its investment strategy won't pay off
-
Microsoft and Meta announce integration deal between Teams and WorkplaceNews Features from both business collaboration platforms will be available to users without having to switch apps
-
Facebook is shutting down its controversial facial recognition systemNews The move will see more than a billion facial templates removed from Facebook's records amid a push for more private applications of the technology
-
'Changing name to Meat': Industry reacts to Facebook's Meta rebrandNews The rebrand attempts to provide a clearer distinction between Facebook and its umbrella company
-
Facebook's Oversight Board demands more transparencyNews Board bashed the social media giant for its preferential treatment of certain high-profile accounts
-
Facebook claims AI managed to reduce hate speech by 50%News The social media platform has hit back at claims the tech it uses to fight hate speech is inadequate
-
Facebook to hire 10,000 workers across the EUNews The high-skilled jobs drive is a “vote of confidence” in the European tech industry
