Mark Zuckerburg Donates 99% Of Facebook Stock Worth $95 Million To Charity

By Jomar Teves , Aug 23, 2016 03:59 AM EDT

In December 2015, Mark Zuckerberg, the CEO of Facebook and a new father to his baby girl, Max, wrote a letter for her. Mark Zuckerberg together with his wife Priscilla Chan has pledged to help various charities and institutions by donating 99 per cent of their present Facebook shares which costs $95 million total.

This is under the banner of the Zuckerberg Chan Initiative. However, despite recent publicities about the matter, there is still little known about the expenditure of the ton of cash that will be donated. There are reports and speculations that it will go to the educational, health, and science sector.

One of the beneficiaries of the Zuckerberg Chan Initiative is the Andela, which is an educational startup organization that aims to put an end to the technological gap in third world countries. Zuckerberg publicized the plan together with Priscilla Chan, right after the two had their very first child last December.

Zuckerberg says that the mission of the charitable proceedings will be to "advance human potential and promote equality for all children in the next generation." The statement is considered to be the first one coming from Zuckerberg ever since the charitable announcement was made last year.

Zuckerberg also adds that his expenditures and donations will be limited to $1 billion yearly for the upcoming three years.

It is also seen that the structure of Facebook Incorporated has radically changed to adapt to the charitable longings of Zuckerberg, without the risk of losing  control and suffering the  same fate with Steve Jobs in the early days of Apple; of course different from the perspective of charitable institutions. One of the company's spokesperson chooses to remain silent, amidst speculations on where the will-be-donated sum of money worth $95 million will be thoroughly spent.

Currently, Mark Zuckerberg still has ownership of more than 400 million shares of stocks on Facebook.

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