Facebook CEO Mark Zuckerberg just had a baby girl named Max, and to honor the occasion he’s giving away a massive portion of his wealth.
The CEO took to the social network Tuesday to announce the birth of his first child and the formation of the Chan Zuckerberg Initiative, which he said will “join people across the world to advance human potential and promote equality for all children in the next generation.”
“Our initial areas of focus will be personalized learning, curing disease, connecting people and building strong communities,” he wrote.
Zuckerberg and his wife will donate nearly all of their Facebook stock to the cause.
“We will give 99% of our Facebook shares — currently about $45 billion — during our lives to advance this mission,” he wrote. “We know this is a small contribution compared to all the resources and talents of those already working on these issues. But we want to do what we can, working alongside many others.”
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