SAN FRANCISCO — Mark Zuckerberg and Dr. Priscilla Chan have had a baby girl.

The couple made the announcement Tuesday afternoon on Facebook.

In a letter to their newborn daughter Max, the billionaire Facebook founder and chief executive and his physician wife pledged to give away 99% of Facebook shares in their lifetime, currently worth about $45 billion, to “advance human potential and promote equality for all children in the next generation.”

The Chan Zuckerberg Initiative follows in the footsteps of the Gates Foundation started by Microsoft founder Bill Gates and wife Melinda Gates and is part of a growing wave of philanthropy from the Facebook generation of entrepreneurs in Silicon Valley. Zuckerberg had already signed The Giving Pledge, a promise by wealthy individuals to donate most of their fortune during their lifetimes.

He and Priscilla have already donated $1.6 billion to philanthropy including $120 million to support education in underserved communities in the Bay Area, $75 million to San Francisco General Hospital to complete a new trauma center and buy equipment and technology, $25 million to the Centers for Disease Control and Prevention to help stop the spread of Ebola and $100 million to the Newark Public School System… see more

source: usatoday