Mark Zuckerberg, president and CEO of Facebook, walks with Priscilla Chan during the 2011 Allen and Co. Sun Valley Conference, in Sun Valley, Idaho. (AP Photo/Julie Jacobson, File)
It won't happen overnight. But over the course of years, Zuckerberg wrote in a Facebook post Tuesday, the contributions will "advance human potential and promote equality for all children."
Today, the stock that Zuckerberg and Chan intend to donate is worth about $45 billion, though that could change over the years. A federal filing by Zuckerberg Tuesday reports that the Facebook exec will give away no more than $1 billion a year for the first three years of the commitment. To help do so, Zuckerberg said he was launching the Chan Zuckerberg Initiative, an organization aimed at doing philanthropy, advocacy and "other activities for the public good."
Among the beneficiaries of Zuckerberg and Chan's wealth could be "schools, health centers, parent groups and local governments," as well as food aid and other community organizations.
In addition to the standalone post on Facebook, Zuckerberg and Chan penned a lengthy letter laying out their plan in more detail. It's billed as an open letter to Max, but it's really a message to the rest of Facebook, and the world.
"I will continue to serve as Facebook's CEO for many, many years to come," Zuckerberg wrote, "but these issues are too important to wait until you or we are older to begin this work."
