MANY people take to social media to share news of big events. On December 1st Facebook’s boss, Mark Zuckerberg, followed in the tradition he helped create, when he and his wife, Priscilla Chan, announced the birth of their daughter on the social-networking site, along with news that they will give away the majority of their fortune during their lifetimes. Around 99% of the shares they own in Facebook, which today are worth around $45 billion, will go into the Chan Zuckerberg Initiative (CZI). Their aim, they wrote, is to improve the world for their daughter and future generations.
For now, the move allows Mr Zuckerberg to relinquish wealth, but not control, as he will retain the votes associated with any shares transferred to CZI. He anticipates remaining the controlling stakeholder of Facebook “for the foreseeable future”, and plans to sell, or give away, no more than $1 billion of Facebook stock each year for the next three years.
Mr Zuckerberg is far from the first tech titan to pledge billions to philanthropic activities, but he is following a slightly different path to Bill Gates, Microsoft’s...Continue reading
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