When Mark Zuckerberg and Priscilla Chan pledged to give away 99% of their Facebook shares in 2015, the stake was worth about $45 billion. Zuckerberg’s fortune now exceeds $200 billion, and their three daughters still aren’t slated to inherit most of it.
That puts the Meta CEO and Chan, a pediatrician, in a cohort of ultra-wealthy households, including Bill Gates, Warren Buffett, and Michael Bloomberg, where the children won’t be inheriting the bulk of the balance sheet.
The couple announced the decision in December 2015, after the birth of their first child, Maxima. In an open letter to their newborn, they introduced the Chan Zuckerberg Initiative (CZI) and committed to giving away 99% of their Facebook (now Meta) shares 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 stands out against a larger backdrop: an estimated $124 trillion is expected to pass to younger generations as baby boomers hand down their portfolios.
California’s billionaire tax looks set to miss his fortune
Zuckerberg’s fortune also looks unlikely to be hit by California’s proposed “billionaire tax.” Proposition 40, a one-time 5% levy on the net worth of the state’s billionaires, was trailing 55% to 45% as of Nov. 6, with ballots still being counted.
Proposition 42, a billionaire-backed countermeasure that would nullify the tax and bar new wealth taxes in California, was leading with about 54% support.
Zuckerberg had told Meta’s board he was weighing a move out of the state over the measure. The company responded by creating a new class of stock he could sell to cover a potential bill.
Why CZI is an LLC, not a foundation
The structure of the couple’s philanthropy is notable. CZI is a limited liability company rather than a conventional private foundation, which gives the couple flexibility over timing and cause areas and lets them invest in for-profit companies and fund policy advocacy.
Gates took the foundation route. The Gates Foundation now plans to close in 2045 after spending down roughly $200 billion.
Gates, for his part, cited Zuckerberg as a model of giving in a conversation with Fortune last year. “There are exemplars like Mark Zuckerberg, you know, through the Chan Zuckerberg Initiative, is committed to give over 90% of his wealth away and he’s off to a very good start,” Gates said.
“He’s someone I talked to about a lot of things, including philanthropy, and they do education research; we partner on some of that.”
From housing to AI-driven biomedical research
CZI’s early years centered on broad social issues, including housing affordability in California and criminal justice reform. More recently, the organization has shifted its core funding toward technology-driven priorities, particularly AI-enabled biomedical research.
In the letter, the couple tied the commitment directly to their daughter. “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.
What the pledge doesn’t require
The pledge doesn’t require Zuckerberg to live like a monk. He still holds a roughly 13% stake in Meta that gives him majority voting control of the company.
He has also assembled one of the most expansive real estate portfolios of any American billionaire, including a recent purchase in Miami.
Near the end of the letter, the couple addressed their daughter by name. “Max, we love you and feel a great responsibility to leave the world a better place for you and all children,” they wrote.
Their final line: “We can’t wait to see what you bring to this world.”
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