For philanthropists ‘30 is the new 70’

Mark Zuckerberg’s pledge to give away 99% of his Facebook shares – now valued at $45 billion – to philanthropic causes has attracted praise from other billionaire business leaders and secures his place as one of Silicon Valley’s most generous donors.

Zuckerberg, 31, and his wife, Priscilla Chan, explained the initiative in an open letter on Facebook that announced the birth of their daughter, Max. They said they had created a new foundation that would initially focus on “personalized learning, curing disease, connecting people and building strong communities”.

The gift will be donated over the course of their lives and builds on previous charitable work by the couple, including donating $1.5 billion in Facebook stock to the Silicon Valley Community Foundation (SVCF). It means the Facebook founder joins fellow billionaire philanthropists such as Warren Buffett and Bill Gates who have pledged their fortunes to good causes. The Giving Pledge, launched by Gates and Buffett in 2010, persuades billionaires to give away the majority their wealth to charity.

Zuckerberg’s pledge also reflects a wider trend for philanthropy among tech entrepreneurs.

US billionaire media owner and former New York mayor Michael Bloomberg was among established donors lining up to praise the move. He said: “My hat’s off to Mark for making a decision he’ll never regret and making a difference he’ll forever be remembered for. Devoting his wealth to philanthropy at such a young age will not only benefit people from around the world for decades to come, it will also set an example for everyone in his generation who has the means to give.

“Mark’s decision shows that when it comes to philanthropy, 30 is the new 70. The only question now is: How many of his peers in Silicon Valley and beyond will join him?”

Source: Statista

Who are Silicon Valley’s ‘young’ philanthropists?

The world’s best-known tech donor is Microsoft founder Bill Gates, who along with his wife Melinda, have given more than $30.7 billion to the Bill & Melinda Gates Foundation, which focuses on poverty and healthcare.

Commenting on Zuckerberg’s open letter, Melinda Gates wrote: “As for your decision to give back so generously, and to deepen your commitment now, the first word that comes to mind is: Wow. The example you’re setting today is an inspiration to us and the world.

“We can be confident of this: Max and every child born today will grow up in a world that is better than the one we know now. As you say, ‘seeds planted now will grow.’ Your work will bear fruit for many decades to come.”

Nicholas and Jill Woodman, the founders of GoPro, the wearable camera company, said last year they would give $500 million to the SVCF.

Jan Koum, a co-founder of message service WhatsApp, pledged more than $500 million, also for the SVCF.

Sean Parker, an early Facebook executive and a founder of music-sharing service Napster, has committed $600 million to his foundation, which aims to improve civic engagement, public health and life sciences.

Google’s Sergey Brin last year gave $383 million to his family foundation, which supports causes such as eradicating poverty in the San Francisco region.

His co-founder, Larry Page, gave Google stock valued at $177 million last year to a foundation named after his father, Carl Victor Page,that he started in 2006. It focuses on areas such as education and medicine.

Yuri Milner, a Russian entrepreneur and venture capitalist, funds the annual Breakthrough Prizes, which awards $3 million each to scientists. Earlier this year, Milner said he would spend $100 million looking for intelligent life in space by searching for radio and light signals.

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Author: Rosamond Hutt is a Senior Producer at Formative Content.

Image: Mark Zuckerberg (R), founder and CEO of Facebook, and wife Priscilla Chan, November 9, 2014. REUTERS/Stephen Lam