Zuckerberg’s Major Donation for a Better World
Mark Zuckerberg and Priscilla Chan has recently announced that they will be donating 99% of their Facebook stocks, which are currently valued at $45 billion, to the Chan Zuckerberg Initiative, a limited liability company.
In a letter they wrote for their first-born daughter, Zuckerberg and Chan pledged 99% of their Facebook shares to philanthropic causes during their lifetime. “Advancing human potential” and “promoting equality” is the main focus of their philanthropy. Zuckerberg also said that their family feels that they have the fundamental moral responsibility to direct their investments into making a world that is better for their daughter.
Where should their Donation go?
“Our society has an obligation to invest now to improve the lives of all those coming into this world, not just those already here. But right now, we don’t always collectively direct our resources at the biggest opportunities and problems your generation will face,” writes Zuckerberg and Chan.
Zuckerberg also added that he will still be the CEO of Facebook for the many years to come. However “these issues are too important to wait until you or we are older to begin this work.”
Buffet on Zuckerberg’s Donation
Although Zuckerberg donated based on the current Facebook stock value, it is also deemed to grow higher. Since its debut on the stock market in 2012, Facebook shares have climbed to over 180 percent. About 90% of the analysts say that these ratings are expected to go up. However, the figure can still go down if investors determine that the stock would be worthless in the future.
While it’s unusual for executives to do philanthropic work at such a young age, it is also very rare to be as rich as the Facebook CEO at 31 years old. Buffett, Berkshire Hathaway Inc.’s chairman and CEO, who committed majority of his wealth to charity, said that Zuckerberg is a good role model for the new generation of philanthropist.
“He has an audience that’s totally different than what I would have,” says Buffett in a conference in Las Vegas last year.
Philanthropy isn’t a stranger to Zuckerberg. He has given to a lot of causes in the past few years, particularly in education and health-related causes. In fact, he and his wife recently started a school in one of the neighborhoods of Silicon Valley and a trauma center at the San Fransisco General hospital, where Chan worked as a pediatrician. The couple also recently started a partnership with Gates to invest in sustainable energy solutions.