Raising a child is not that easy, and the Chicago Tribune asks if Facebook CEO and his wife Priscilla Chan is aware of that.
According to the news outlet, last month, the social media tycoon celebrated the birth of their first daughter, Max, with a big charitable move. In a post on his Facebook page titled "A letter to our daughter," Zuckerberg announced that he and his wife Priscilla will be giving out 99 percent of their Facebook shares to the Chan Zuckerburg Initiative.
"We will give 99 [percent] of our Facebook shares -- currently about $45 billion -- during our lives to advance this mission. 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.," the Facebook CEO announced.
The Chan Zuckerberg Initiative, founded in 2009, has a mission of "advancing human potential and promoting equality" through a new approach.
"As we become parents and enter this next chapter of our lives, we want to share our deep appreciation for everyone who makes this possible," Zuckerberg said on his note.
He then concluded the letter with, "Max, we love you and feel a great responsibility to leave the world a better place for you and all children. We wish you a life filled with the same love, hope and joy you give us. We can't wait to see what you bring to this world."
According to a report from the U.S. Department of Agriculture, the average cost to raise a child for 18 years is 245,340 for middle-income families, excluding $20,000 to $50,000 for education. The said cost covers food, housing, childcare, education and other expenses. However, due to inflation, the report notes that this amount may even climb to $305,000 per child.
The Chicago Tribune advises the Zuckerbegs, that even though they are raking in more than the usual American family, they should not "keep up with the Joneses" by giving ther daughter everything she wants and start putting a tax-friendly college fund.
Meanwhile, Manila Bulletin notes that this donation from Zuckerberg gives a new take on philanthropy. He and his wife's donation is the "biggest single act of charity in the history of mankind." The news outlet further states that before their big donation, the billionaire couple has already donated $120 million and $100 million to improving the schools in the Bay Area in California and Newark, New Jersey, respectively.
The outlet notes that the Chan Zuckerberg Initiative will "pursue its goals through a mix of charitable donations, private investment, and promotion of government policy reforms."
