Facebook head Mark Zuckerberg announces something major on the birth of his first child!
Facebook founder and CEO Mark Zuckerberg shared the happiness of becoming a father to a baby girl with his wife Priscilla Chan with the world, by sharing an open letter written to his daughter, which contained a very huge announcement regarding Zuckerberg’s wealth and his future.
Zuckerberg is worth over $40 billion and is one of the richest people in the world currently and has shown visible affinity towards charitable programs and signed the Giving Pledge, a campaign initiated by Warren Buffet, which aimed at getting wealthy individuals and their families to give away more than half of their wealth to charities during their lifetime.
1 The Facebook co-founder!
Mark Zuckerberg, the Chairman and co-founder of world’s most popular social networking site, Facebook is one of the richest men today. The site was launched in 2004 when he was in Harvard. The site became famous in a very short span of time and has managed to withstand the assault from some major players such as Myspace and Orkut, both of which are now extinct.
Zuckerberg is also one of the youngest people in the world to become a billionaire, with Facebook going public. He has also been a pioneer in the cause of providing free internet to remote places in the world.
2 His estimated wealth
Mark Zuckerberg regularly features in the richest men list of the world. As of November 2015, his total net worth is $45.2 billion. Facebook is the second most visited website in the world after Google and has people spending more than 700 million minutes every month on the site.
The site has become of the most primary places for businesses to run their business from, interact with customers and have a visible place for announcements and press releases. When Facebook went public, he had to sell 30 million of his shares in order to come up with money for taxes, but he still has more than 500 million shares of Facebook to his name and despite losing more than $7 billion, he still is amongst the 25 richest people on the planet.
3 The announcement
Recently Mark Zuckerberg announced the birth of his daughter Maxima with wife Priscilla Chan. In an open letter to her daughter, Zuckerberg also vowed to give 99% of their Facebook shares- which are currently worth at $45 billion- for charitable purposes.
Mark and Priscilla got married at his home in Palo Alto in 2012 and this child comes after multiple miscarriages for Mrs. Zuckerberg. “For your generation to live in a better world, there is so much more our generation can do,” Zuckerberg wrote. “Today your mother and I are committing to spend our lives doing our small part to help solve these challenges.”
The couple announced that they will be forming a new organisation by the name of Chan Zuckerberg initiative, to manage the money. “Our initial areas of focus will be personalized learning, curing disease, connecting people and building strong communities,” they wrote.
4 What will really happen?
According to the SEC, the total amount of money pledged by Zuckerberg, i.e. 99% will be close to $44.3 billion. He will keep $449 million worth of shares of the company that he founded in 2004, along with majority of Facebook B shares which provide the voting rights in the company.
Legal filings show that the new organisation, the Chan Zuckerberg Initiative is an LLC company and not a charitable organisation and will be controlled completely by Zuckerberg himself. “The Chan Zuckerberg Initiative will pursue its mission by funding non-profit organizations, making private investments and participating in policy debates, in each case with the goal of generating positive impact in areas of great need,” the spokesperson said. “Any profits from investments in companies will be used to fund additional work to advance the mission.”
In coming months, the initiative will spend $20 million on connecting American classrooms to fast internet, $5 million to fund undocumented immigrants in San Francisco to attend college.
Let’s hope that this really comes out to be something on the lines of Warren Buffet and Bill and Melinda Gates foundation and not just a scheme by Zuckerberg to move 99% of his wealth into a tax saving organisation in name of charity. We have seen protests and opposition to his internet.org initiative, which is aimed to provide free internet to everyone by tying up with mobile service carriers to give internet free to people who are not connected with it. But the basic concept of internet.org is against the net neutrality concept. So, only time will tell what all is going to happen!