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."
