Facebook owner announces huge philanthropic gesture

CSR, Finance | Wed 2 Dec | Author – Business & Finance
Mark Zuckerberg

Mark Zuckerberg and his wife, Priscilla Chan, have pledged to give away a vast quantity of their fortune to charity.

The couple made the announcement after the birth of their daughter.

In a letter posted on his Facebook page, Zuckerberg said they were going to give away 99% of their company shares, with an estimated value of $45bn.

Zuckerberg wrote: “It’s a world where our generation can advance human potential and promote equality – by curing disease, personalising learning, harnessing clean energy, connecting people, building strong communities, reducing poverty, providing equal rights and spreading understanding across nations.”

He continued: “We are committed to doing our small part to help create this world for all children. We will give 99% of our Facebook shares – currently about $45bn – during our lives to join many others in improving this world for the next generation.”

The social media powerhouse recently announced third-quarter 2015 revenue of $4.5bn, up almost 41% from 2014.

The company also announced that mobile now makes up 78% of its ad revenue, with mobile ad revenue up 73%. At the end of the third quarter of 2015, Facebook had 1.385 billion mobile monthly active users.

Photo: Maurizio Pesce