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Zuckerberg to donate 99 percent of Facebook shares towards humanitarian causes

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source: thestar.com

San Francisco: Facebook CEO Mark Zuckerberg and his wife Priscilla Chan have pledged to donate 99 percent of their Facebook shares — about $45 billion — to advance human potential and promote equality for children.

Declaring the ‘Chan Zuckerberg Initiative’ as they welcomed their first girl child Maxima Chan Zuckerberg or “Max”, the couple on Tuesday said they have created a new foundation that would initially focus on “personalised learning, curing disease, connecting people and building strong communities.”

“As you begin the next generation of the Chan Zuckerberg family, we also begin the Chan Zuckerberg Initiative to join people across the world to advance human potential and promote equality for all children in the next generation,” they posted in a 2,200-word letter to their new-born daughter on Facebook.

“We will give 99 percent of our Facebook shares during our lives to advance this mission. We know this is a small contribution compared to all the resources and talents of those already working on these issues. But we want to do what we can, working alongside many others,” the couple wrote.

We will share more details in the coming months once we settle into our new family rhythm and return from our maternity and paternity leaves, Zuckerberg said.

In the letter to their new-born daughter, the new parents said: “Today your mother and I are committing to spend our lives doing our small part to help solve these challenges.”

Zuckerberg owns about four million of Class A shares in Facebook and approximately 419 million Class B shares.

Each Class B share is worth 10 votes apiece which gives Zuckerberg majority voting power and control over Facebook’s strategic direction.

“We can make progress towards these opportunities only by standing on the shoulders of experts — our mentors, partners and many incredible people whose contributions built these fields,” the letter read.

“Max, we love you and feel a great responsibility to leave the world a better place for you and all children. We wish you a life filled with the same love, hope and joy you give us. We cannot wait to see what you bring to this world,” said the proud parents.

“Many of the greatest opportunities for your generation will come from giving everyone access to the internet. The internet is so important that for every 10 people who gain internet access, about one person is lifted out of poverty and about one new job is created,” the letter further read.

Yet still more than half of the world’s population — over four billion people — do not have access to the internet.

“If our generation connects them, we can lift hundreds of millions of people out of poverty. We can also help hundreds of millions of children get an education and save millions of lives by helping people avoid disease,” the Facebook CEO pointed out.

Facebook currently has 1.44 billion monthly active users.

(IANS)

Next Story

Facebook Loses its Place in Glassdoor’s ‘Best Places to Work’ List

The Top-100 list by Glassdoor is for large organisations or those with at least 1,000 employees. It bases its rankings on eight factors, including work/life balance, compensation and benefits and senior management, among others

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Social Media, Facebook, Authenticity, Posts
The social media application, Facebook is displayed on Apple's App Store, July 30, 2019. VOA

Mired in several controversies amid break-up calls from the US lawmakers, Facebook has once again slipped off Glassdoor’s “Best Places to Work” list for a second year in a row.

Facebook dropped to 23rd best place to work, falling 16 spots from last year’s position, and its award score fell from a 4.5 to 4.4 out of a perfect 5, according to the annual listing by the leading job website.

The top three spots are occupied by leading growth platform HubSpot, management consultancy firm Bain & Company and market leader in electronic signatures DocuSign, respectively.

Among the tech companies, Google is at 11th spot, LinkedIn at 12th, Microsoft at 21st, Salesforce at 34th, VMware at 36th, Adobe at 39th, Cisco at 77th, Accenture at 83th and Apple at 84th (the Cupertino-based iPhone maker slipped 13 spots from the last year’s list).

Amazon once again failed to enter the list of 100.

For Facebook, 2019 has been bad on the diplomatic front. Several US Senators have called for breaking up the social network amid repeated data breaches and privacy violations on the platform.

Facebook
Facebook has failed to comply with the subpoenas for more information related to the ongoing privacy investigation into its alleged privacy violations and Cambridge Analytica, the media has reported. Pixabay

Democratic presidential candidate Senator Kamala Harris has stressed that authorities should take a serious look at breaking up Facebook as the social network platform is a “utility that has gone unregulated”.

Another Democratic 2020 candidate Senator Elizabeth Warren has also stressed upon the possibility of breaking up Facebook.

Facebook CEO Mark Zuckerberg, however, rejected these calls, saying the size of the social media giant was actually a benefit to its users and the security of the democratic process.

Zuckerberg has promised his employees to “fight and win” if Democratic presidential hopeful Warren wins the 2020 election and moves forward with her stated plan to break up the big US tech firms.

Also Read: Here’s What India’s Privacy Bill Requires from Social Media Firms

The company in July agreed to pay record-breaking $5 billion to the Federal Trade Commission (FTC) as fine for users’ privacy violations in the Cambridge Analytica data scandal involving millions of users.

The US FTC is also investigating Facebook for potential monopolistic practices.

The Top-100 list by Glassdoor is for large organisations or those with at least 1,000 employees. It bases its rankings on eight factors, including work/life balance, compensation and benefits and senior management, among others. (IANS)