Facebook CEO Mark Zuckerberg said Tuesday he and his wife, Priscilla Chan, plan to give away 99 percent of their company stake to a new initiative. He also announced the birth of his first child.
In a post on the social network, Zuckerberg shared a photo of him and his wife with their newborn daughter, Max.
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The couple plans to funnel about $45 billion in Facebook stock into the Chan Zuckerberg Initiative over their lifetimes. The organization will initially focus on education and disease.
Zuckerberg plans to retain his majority voting position in the company for the "foreseeable future," according to a filing. He will give away no more than $1 billion in shares each of the next three years.
"Our initial areas of focus will be personalized learning, curing disease, connecting people and building strong communities," he wrote.
Zuckerberg currently holds about 4 million shares of Facebook Class A stock and 419 million shares of Class B stock. At Tuesday's closing price of $107.12, the publicly-traded Class A shares were worth $428 million.
The Class B shares — which are not traded but are convertible to Class A stock — were worth about $45 billion.