The move will result in his not having to pay taxes on any shares sold once they are inside the foundation.
Zuckerberg also said he plans to remain CEO of Facebook for "many, many years to come."
In a letter to his newborn daughter "Max," which was posted on Facebook, Zuckerberg wrote, along with his wife, that the foundation will be known as The Chan Zuckerberg Initiative.
Zuckerberg's wife goes by her maiden name, Priscilla Chan.
In the letter, the parents spouted more lefty one world nonsense than has possibly been ever heaped on a baby not yet 24 hours old:
"[W]e have a moral responsibility to all children in the next generation."
"We believe all lives have equal value, and that includes the many more people who will live in future generations than live today. Our society has an obligation to invest now to improve the lives of all those coming into this world, not just those already here.
"But right now, we don't always collectively direct our resources at the biggest opportunities and problems your generation will face...
"But together we can succeed and create a more equal world.---"
Here's my favorite wacko sentence in the letter:
"Can we connect the world so you have access to every idea, person and opportunity?"---
Oh, and the humility of these tax avoiders:
We will give 99% of our Facebook shares -- currently about $45 billion -- during our lives to advance this mission. 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.
The newborn's reaction to the letter was not reported.
Bottom Line: We may have our first full-fledged billionaire couple with child, who can most aptly be described as slogan Marxists. It doesn't appear they have any deep knowledge of Marxism, or any other social theories, they are just sloganeers: "equality for all, especially future generations."
My God, not even Greg Mankiw's slightly free market introductory economics course (ec 10) made a dent on these two.
Apparently, Zuckerberg's "donation" is even less than what I gave him credit for ,he just put it in an LLC, not a charitable foundation. See: Mark Zuckerberg's Big "Donation" and His "Philanthropic" Efforts To Date