Facebook CEO $45B organization to change charity landscape

SAN FRANCISCO (AP) — Facebook CEO Mark Zuckerberg is shaking up yet another sector — the charity world — with his surprise announcement that he and his wife will devote the bulk of their wealth, or about $45 billion, to philanthropic works.

The Zuckerbergs said Tuesday they will, over time, commit 99 percent of their Facebook stockholdings to such causes as fighting disease, improving education and "building strong communities."

The new organization, called the Chan Zuckerberg Initiative, will pursue its initiatives through a combination of charitable donations, private investment and promotion of government-policy reform.

By comparison, the Bill and Melinda Gates Foundation has an endowment of just over $41 billion, which includes wealth donated by the Microsoft founder and his friend, the businessman Warren Buffett.

The notion of investing money in companies that tackle social issues isn't new, but it has gained more currency among a younger generation of philanthropists, particularly in the tech world.

In a statement, Facebook said the couple's plan to transfer their shares over time won't affect his status as controlling shareholder of the company.