Mark Zuckerberg and Priscilla Chan have reaffirmed a long-standing pledge to give away 99% of their Meta shares, meaning their three daughters are not expected to inherit most of the couple’s wealth.
When the commitment was announced in 2015, following the birth of their first child, Maxima, the shares were worth about $45 billion. Zuckerberg’s fortune has since grown to more than $200 billion.
The couple introduced the Chan Zuckerberg Initiative (CZI) in an open letter to their daughter, promising to donate the bulk of their Facebook shares — the company is now called Meta — during their lifetimes.
“Like all parents, we want you to grow up in a world better than ours today,” they wrote. “Our society has an obligation to invest now to improve the lives of all those coming into this world, not just those already here.”
The pledge places Zuckerberg and Chan, a paediatrician, among wealthy households whose children will not receive most of their parents’ assets. Bill Gates, Warren Buffett and Michael Bloomberg have made similar decisions about passing on their fortunes.
How the Chan Zuckerberg Initiative uses the money
CZI is structured as a limited liability company rather than a conventional private foundation. That gives the couple greater flexibility over when and how money is distributed, while allowing the organisation to invest in for-profit companies and support policy advocacy.
Its early work included housing affordability in California and criminal justice reform. In more recent years, its main funding priorities have shifted towards technology-led projects, particularly biomedical research using artificial intelligence.
Gates has described Zuckerberg as an example of modern philanthropy, saying the Meta chief was “committed to give over 90% of his wealth away” and was “off to a very good start”. The Gates Foundation plans to close in 2045 after spending down roughly $200 billion.
The scale of the pledge comes as an estimated $124 trillion is expected to pass to younger generations as baby boomers transfer their portfolios.
The commitment does not mean Zuckerberg has given up control of Meta or adopted a markedly less affluent lifestyle. He retains a stake of roughly 13% in the company, giving him majority voting control, and has built an extensive property portfolio, including a recent purchase in Miami.
California billionaire tax proposal
Zuckerberg’s fortune also appears unlikely to be affected by California’s proposed billionaire tax. Proposition 40, which would impose a one-off 5% levy on the net worth of the state’s billionaires, was trailing by 55% to 45% on November 6, with ballots still being counted.
A rival measure backed by billionaires, Proposition 42, was leading with about 54% support. It would cancel the proposed tax and prevent new wealth taxes in California.
Zuckerberg had told Meta’s board he was considering moving out of the state because of the proposal. Meta responded by creating a new class of stock that he could sell to cover a potential bill.
In their letter, the couple said their decision was motivated both by their love for their daughter and by a wider responsibility to future generations.
“We will do our part to make this happen, not only because we love you, but also because we have a moral responsibility to all children in the next generation,” they wrote.
