Jun 16, 2019 | Updated: 11:54 AM EDT

Facebook CEO Gives Away 99% Of Total Shares

Dec 01, 2015 11:08 PM EST

Facebook Inc.
(Photo : Reuters) Facebook Inc. CEO Mark Zuckerberg and his wife Priscilla Chan announced a $45 billion donation

The multi-billionaire and Facebook CEO, Mark Zuckerberg, recently announced that he is going to give away 99% of his Facebook shares. It is estimated that the shares are worth $45 billion dollars and will be sent to fund his Human Potential and Equality Project.

Facebook was founded by a psychology and computer science student in Harvard, Zuckerberg. His brilliance in computer programming led him to create the famous social-networking website. He launched "The Facebook" in Febuary 2004 and changed it to "Facebook.com" in August 2005 after it was purchased for $200,000. The network was extended and began to spread worldwide, making it the largest free social networking website that focuses on educational purposes. However, the expansion made it accessible for businesses and industrial interactions and made feature developments in late September 2007.

Over the past decades, Zuckerberg and his wife Priscilla Chan had donated more than $1.6 billion dollars to charity, which includes the Newark Public School System, San Francisco General Hospital, Centers for Disease Control and Prevention on stopping Ebola, and educational support in the Bay Area.

The announcement reached the public after Mr. and Mrs. Zuckerburg posted an open letter to their newborn daughter Max where the couple stated their small contributions to the world. "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." Mark stated.

Since the announcement circulated all throughout the Internet, the Microsoft Corporation multi-billionaire couple, Bill and Melinda Gates congratulated the Zuckerbergs for giving away the majority of their Facebook shares.

The Facebook CEO's announcement goes above and beyond other billionaires such as Gates and Warren Buffet who have taken the public commitment called "Giving Pledge" that donates more than half or at least 50% of their wealth to charity. Mark signed the pledge and promised to provide commitment to future generations.

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