REUTERS - Facebook Inc Chief Executive Mark Zuckerberg and his wife said they plan to give away 99 percent of their fortune in Facebook stock to a new charity the couple were creating, while announcing the birth of their first child on Tuesday.
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In making the announcement, Zuckerberg said he had told the company that he would be selling or gifting up to $1 billion of his stock for each of the next three years. At current market prices, his shares in the company are now worth roughly $45 billion.
He said he would maintain voting control for the "foreseeable future."
Zuckerberg, 31, and his wife also announced the birth of his daughter named Max.
"Priscilla and I are so happy to welcome our daughter Max into this world," Zuckerberg said in a Facebook post.