Zuckerberg says he's giving 99% of his Facebook shares ($45 billion) to charity

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Mark Zuckerberg announced Tuesday that he's giving away 99% of his Facebook shares — valued at $45 billion today — to charity during his lifetime.

The Facebook CEO announced the news in a letter to his newborn daughter, Max.

Zuckerberg and his wife, Priscilla Chan, created the Chan Zuckerberg Initiative. Its mission mimics much of what Zuckerberg and Chan's donations have focused on in the past: personalized learning, curing diseases, and connecting people.

The move is not surprising given that five years ago Zuckerberg signed the "Giving Pledge" — along with other tech billionaires such as Bill Gates — to give away the majority of his wealth.

Zuckerberg will retain control of the majority of Facebook voting rights for the foreseeable future, and has limited himself to giving away no more than $1 billion in Facebook stock each year for the next three years, according to an SEC filing.

Because of Facebook's unique dual-class structure, where he owns special super voting shares, Zuckerberg can give away ordinary shares of stock while still maintaining majority control of the social network he founded in 2004.

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