Facebook's Zuckerberg To Give Away Half His Fortune

Just in time for Christmas, Facebook's Mark Zuckerberg announced plans to give away the majority of his fortune to charity.

"People wait until late in their career to give back. But why wait when there is so much to be done?" Mark Zuckerberg, cofounder, CEO and president of Facebook said in a statement. "With a generation of younger folks who have thrived on the success of their companies, there is a big opportunity for many of us to give back earlier in our lifetime and see the impact of our philanthropic efforts."

It's the second major gift pledge by Zuckerberg this fall. On Sept. 23 the Facebook founder said he would give $100 million to help support Newark, N.J.'s ailing schools. That gift set a record for youthful philanthropy. Zuckerberg ranked No. 36 on the Forbes 400 list of Richest Americans, with a fortune estimated at $6.9 billion.

Zuckerberg is one of 17 wealthy Americans and their families who have recently taken the Giving Pledge, Bill Gates' and Warren Buffett's effort to get America's wealthiest individuals and families to commit to giving the majority of their fortune away. (This past summer 40 people or couples joined the Giving Pledge.) Other notable individuals whose names were released on Wednesday night are billionaires Carl Icahn, Ted Forstmann and Zuckerberg's former Harvard roommate and Facebook cofounder Dustin Moskovitz, the world's youngest billionaire. Carl Icahn is the wealthiest of the new donors; his $11 billion net worth ranks him 24th on the Forbes 400 Richest Americans list. Of the 17 new donors, 13 are members of the Forbes 400; those 13 have a combined net worth of $43 billion.

To join the effort, wealthy individuals publicly agree to give the majority of their wealth to philanthropic causes and charitable organizations of their choice, either during their lifetime or after their death. They must be willing to make a public statement and send a letter that explains their decision to pledge. So Zuckerberg and Moskovitz, whose fortunes are almost entirely tied up in Facebook, don't actually have to pony up a dime, at least for now. In many ways, this feel-good pledge is all about generating positive press for charitable giving, and possibly too, for the world's wealthiest. Icahn said as much in his pledge letter:

"I made a commitment over 20 years ago that substantially all of my assets would be used to fund a charitable foundation. Until Bill, Melinda and Warren started this project, I never considered going public with my intentions. However, I certainly see the value of a project that encourages wealthy individuals to step forward and commit to use their wealth for the common good. I hope that by adding my voice with those who are supporting this project, we will all encourage others to participate."

Forbes