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Mark Zuckerberg

Mark Elliot Zuckerberg (born May 14, 1984) is an American entrepreneur best known for co-founding the popular social networking site Facebook. Zuckerberg co-founded Facebook with fellow classmates Dustin Moskovitz, Eduardo Saverin, and Chris Hughes while attending Harvard. He is the Chairman and CEO of Facebook.

He is currently one of the youngest billionaires in the world with personal wealth of over US$ 45 billion in 2015. His success at Facebook has been mired in controversy regarding the start of the project, resulting in a huge out of court settlement being paid to former business associates.

Facebook

Mark Zuckerberg co-founded and is the current CEO of Facebook.

Facebook IPO

Facebook announced the Initial Public Offering (IPO) in May 2012. Facebook Inc. sold 421.2 million shares valued for 38 dollars a share on May 18, 2012. Mark Zuckerberg’s net worth rose to 19.1 billion dollars making him the 29th richest person in the world.

Mark Zuckerberg rang the Nasdaq bell to start shares in the company trading virtually from his office. Earlier, the employees of Facebook spent all night at a hackathon session until 6:30 am.

As of December 2015, Zuckerberg owned 4 million Class A shares and 422.3 million Class B shares, which have 10 times the voting power of A shares. Combined he held 54 percent of the voting power of the company's shares.

Marriage

Mark Zuckerberg married long-time girlfriend Priscilla Chan in a ceremony at his Palo Alto home in California on May 19, 2012. He announced his marriage by changing his martial status on Facebook to ‘married’ and also posted a picture of wedding. The ceremony was attended by his family and close friends. They were invited on the pretense of celebrating Chan’s graduation.

Children

Zuckerberg and his wife Priscilla have a baby daughter Max. She was born early Thanksgiving in 2015.

Philanthropy

Mark Zuckerberg followed other high-profile billionaires such as Warren Buffett and Bill and Melinda Gates in dedicating their massive fortunes to philanthropic endeavors.

Mark Zuckerberg has joined the ‘Giving Pledge’, which asks wealthy people to commit to giving more than half of their wealth for charitable causes over their lifetime or in their will.

His first philanthropic activity is centered on education reform with Startup: Education in Newark, New Jersey.

Mark Zuckerberg has donate 18 million of his shares in the Facebook, the social networking site he founded. The stock is worth $500 million. The donation has been made to nonprofit Silicon Valley Community Foundation. This is Zuckerberg’s second big donation.

Chan Zuckerberg Initiative

Pledges to give away 99% of his Facebook shares
On 1 December 2015, celebrating the birth of their baby girl, Mark Zuckerberg and wife Priscilla Chan pledged to give away 99% of their Facebook shares in their lifetime. The couple announced a new philanthropy project - the Chan Zuckerberg Initiative focusing on human potential and equality.

They made the announcement in a latter to their newborn child Max posted on Facebook. "Our initial areas of focus will be personalized learning, curing disease, connecting people and building strong communities... 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." Facebook said that Zuckerberg will dispose of no more than $1 billion of Facebook stock each year for the next three years.

Chan Zuckerberg Initiative is a Delaware-based LLC, or limited liability company.

Criticism

Critics of Zuckerberg has criticized for creating a company and not a foundation for the 99% of the Facebook shares he plans to give away in his lifetime. Zuckerberg responded to the criticism saying that donating to charities is great, but it’s not the only way to cure disease, educate the poor and generally improve the world. Essentially, Zuckerberg can do everything with the LLC’s money that he can do with his own money.

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