VIDEO: What's Zuckerberg Worth Without 99% of His Fortune?
Mark Zuckerberg just set new philanthropy standards in a letter to his newborn daughter Maxima, in which he announced plans to donate 99% of his Facebook shares—worth $45B currently—over the course of his life.
Unlike Bill Gates' nonprofit—the Bill & Melinda Gates Foundation—which can only give money to charitable organizations—Zuckerberg's Chan Zuckerberg Initiative (named for him and wife Priscilla) will also be able to invest in for-profit businesses, engage in lobbying and make political donations.
While Zuckerberg just unveiled his plans, he won’t begin making any serious moves yet—Facebook assured investors he won't give more than $1B annually for at least the next three years, meaning Zuckerberg will remain in control of Facebook for the foreseeable future.
And don’t worry about Zuckerberg’s financial health, either. Even with a mere 1% left for himself, he still has a cool $450M. [Bloomberg]