Mark Zuckerberg has revealed he plans to give away 99% of his $45bn Facebook fortune as he announced the birth of his first child Max. Here is what it all means and how it works.
So Facebook founder Mark Zuckerberg is giving these shares to charity, right?
Wrong. Despite a number of news organisations initially claiming this, that's not the case.
What's happening then?
His initiative will take the form of a limited liability company (LLC) called the Chan Zuckerberg Initiative, rather than a charitable trust.
In the US an LLC is a type of private limited company, which does not need to be organised for profit.
Mark and his wife Dr Priscilla Chan will donate their shares to the initiative.
The LLC will then make private investments to support the foundation’s work.
So at some point he'll lose control of Facebook?
Eventually, perhaps. But not for the time being.
The securities filing says: "(Zuckerberg) intends to retain his majority voting position in our stock for the foreseeable future."
This is because he will continue to control shares handed over to the Chan Zuckerberg Initiative until they are sold.
How much are these shares worth?
At Facebook's current valuation, Mr Zuckerberg's holding is worth around $45bn.
Will the giving begin immediately? How much is he coughing up?
Well that's unclear. The filing says that he "plans to sell or gift no more than $1bn of Facebook stock each year for the next three years".
But the guy is 31. There's plenty of time for him to give away his wealth.
What will the money be spent on?
Mr Zuckerberg and his wife say they’re focusing their efforts on "advancing human potential and promoting equality".
The filing says its aim is "philanthropic, public advocacy, and other activities for the public good".
Is this his first act of philanthropy?
No, in 2010 he donated $100m of Facebook shares to the public school system in Newark, New Jersey.
In 2012 he gave $500m to the Silicon Valley Community Foundation.
And in 2014 the couple donated $120m to improve schools in the San Francisco Bay Area.
Last year, $25m was donated to help fight Ebola.
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