The rich are helping people – level 3
Facebook CEO Mark Zuckerberg has announced that he and his wife will give away 99% of their Facebook shares to a new charity. In a letter addressed to their daughter Max, who was born last week, they pledged to give away shares currently worth about 45 billion dollars.
On his Facebook page, Zuckerberg posted a photo of himself, his wife Priscilla Chan and their new daughter Max, along with a post entitled “A letter to our daughter”.
It said, “Dear Max, Your mother and I don’t yet have the words to describe the hope you give us for the future. Like all parents, we want you to grow up in a world better than ours today.”
The couple go on to mention issues including health, education, Internet access and learning before announcing the Chan Zuckerberg initiative which aims to advance human potential and promote equality.
The letter ends, saying, “Max we love you and feel a great responsibility to leave the world a better place for you and all children. We can’t wait to see what you bring to this world.” It is signed “Love, Mom and Dad”.
The plan mirrors a move by other high-profile billionaires like Warren Buffett and Bill and Melinda Gates who have pledged and setup foundations to give away their fortunes to charity.
Facebook said Zuckerberg is expected to be the controlling stockholder of the company for the foreseeable future. He would give away up to one billion dollars of Facebook stock each year for the next three years.
Last month, Zuckerberg announced he would take two months of paternity leave after the birth of his daughter. He and Chan said they will share more details when they return from their paternity and maternity leaves.
Difficult words: CEO (Chief Executive Officer = boss), announce (to officially say something), share noun (part of a big business which you can own), pledge (to promise), initiative (a plan, organisation to change something), advance (make better), high-profile (famous), foreseeable (soon).
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