Zuckerberg and wife welcome baby girl by pledging to give away 99% of wealth to charity

Mark Zuckerberg the youngest billionaire in the world, and his wife Pricilla Chan have announced the birth of their daughter Max who was born a week ago. On this joyous occasion, the couple also made a status update on Facebook, which is a letter to little Max. It sounds simple and the kind of stuff that new parents do. I did, my sister did, the 24 other mothers who gave birth last year, and 10 this year, also did. It’s natural – thanks to Mark and Facebook. The new parents has said that they will give away 99% of their shares in the company.

It is a big leap of charity, and supposedly the youngest such pledge to be made. Mark says his inspiration is Bill Gates, who has pledged to give 95% of his personal wealth away. The Gates have congratulated the new parents on Facebook. Also, Warren Buffet, another billionaire philanthropist who has pledged away his wealth, has congratulated Mark and wife. While it seems like such a huge lesson of humility amidst the wealthy, this announcement has also raised several eyebrows. Because, apparently, they are going to form a new organization, the Chan Zuckerberg Initiative, to manage the money, through an unusual limited liability corporate structure. “Our initial areas of focus will be personalized learning, curing disease, connecting people and building strong communities” the letter said. Now, all the money, which will amount to $45 billion, will not be given all at once, but through the span of their lives. And, he will not be giving more than $1 billion per year for three years. Also, the organization will not be a charitable trust by a limited liability company. So you see why all the cynicism? There is always such a fine print clause in anything that Zuckerberg does. It is almost as if he wants to show that he is no high school dork but instead a conniving, calculating and sly fox.

[ Via : Vogue ]

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