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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)

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Political Ad Spend Hits Rs 27.7 cr on Facebook as Polls End

Facebook had said that it was removing 10 lakh fake accounts a day in India

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This photograph taken on May 16, 2018, shows a figurine standing in front of the logo of social network Facebook on a cracked screen of a smartphone in Paris. VOA

Led by the Bharatiya Janata Party, political parties in India spent a total of Rs 27.73 crore on Facebook for posting political ads on the platform as the seven-phase general election ended on May 19.

From February 19 to May 19, political parties posted 124,094 ads on Facebook to reach out to their audiences, showed the latest data on Facebook Ad Library for India.

On Facebook, the BJP alone spent more than Rs 4 crore – 200 per cent more than the Congress which spend about Rs 1.8 crore.

Other big spenders were regional parties such as the Telugu Desam Party (TDP), the YSR Congress and Biju Janata Dal (BJD).

Facebook’s Ad Library, a searchable database, includes ads related to politics and issues of national importance run on Facebook or Instagram.

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FILE – The Facebook app icon is shown on an iPhone in New York. VOA

Supporters and affiliates of political parties account for most of the spending on the social media platforms.

The Election Commission of India has announced that among the posts taken down by various social media platforms, Facebook took down 650 posts.

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Of the posts taken down by Facebook, 482 were political posts during the “silence period” – 48 hours prior to polling, 73 political ads during the silence period, two violations of the Model Code of Conduct, 43 cases of voter misinformation, 28 were against public morality and decency, 11 were exit polls, and 11 were related to hate speech and undue influence.

Facebook had said that it was removing 10 lakh fake accounts a day in India. (IANS)