When your first kid was born, you probably felt a rush of protective responsibility that found some sort of financial outlet. Maybe you opened a 529 college fund or created a trust. Facebook founder Mark Zuckerberg is basically just like you — his daughter was born Tuesday and, in a heartwarming letter published on Facebook, he announced that he’s donating 99 percent of his shares in the company to charity over the course of his lifetime. Then again, you probably scrounged up a modest 4 or 5 figures for your kid. Zuckerberg’s donation will be a bit bigger — $45 billion, at today’s valuation.
Here’s the best part of the announcement, though: He’s doing it for your kid, too. The money will fund equal opportunities for education and a higher quality of life through scientific research. Zuck writes that he’s hoping to give your kid’s generation better opportunities than his had through more internet access, better healthcare options, personalized learning, and the freedom to pursue passions regardless of where you come from. Details will apparently follow (What? The guy was supposed to set up a Gates-style foundation while his wife was in labor?), but for now he wants his baby girl (and the rest of the world) to know, “We have a moral responsibility to all children in the next generation.”
Zuck won’t be giving more than one billion per year of the next 3 years, according to the SEC filing that accompanied the announcement, but whatever the annual amount winds up being, it’s unlikely his little girl will miss it. After all, if the apple falls close to the tree, she’s going to wind up dropping out of college after 2 years and wearing the same t-shirt for the rest of her life.