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New Dad Zuckerberg To Give Away 99% Of Fortune

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Mark Zuckerberg has revealed he plans to give away 99% of his $45bn Facebook fortune as he announced the birth of his first child.

“Priscilla and I are so happy to welcome our daughter Max into this world!” Zuckerberg posted on his Facebook page on Tuesday.

The new dad then went on reveal plans to give away the vast majority of his Facebook shares, currently $45bn (£30bn), during his lifetime “to join many others in improving this world for the next generation”.

He wrote: “We are committed to doing our small part to help create this world for all children.”

Zuckerberg, 31, linked his post to a letter addressed to his daughter , in which he and Priscilla wrote about the world they hope Max grows up in.

“We will do our part to make this happen, not only because we love you, but also because we have a moral responsibility to all children in the next generation,” the letter said.

It goes on to lay out a mission of combating disease around the world, advancing human potential and promoting equality.

“We will give 99% of our Facebook shares – currently about $45 billion – during our lives to advance this mission,” he wrote.

The couple said they were setting up a new organisation, the Chan Zuckerberg Initiative, to manage the money and how it is distributed.

They are signatories to The Giving Pledge , a campaign encouraging the world’s richest people to give away most of their wealth to philanthropic causes.

The drive was launched in 2010 by investor Warren Buffett and Microsoft founder Bill Gates and counts Elon Musk, Lord Ashcroft and Michael Bloomberg among its backers.

Zuckerberg was one of the billionaires who signed up to the Breakthrough Energy Coalition, set up by Gates ahead of the Paris climate summit to contribute to a multibillion-dollar clean energy fund.

The social network founder and his wife have also invested in education projects – including a $20m donation to EducationSuperHighway, a group that helps schools secure federal funds for high-speed internet in classrooms.