New parents Mark Zuckerberg and Priscilla Chan announced that they will donate 99 percent of their Facebook shares to kickstart the "Chan Zuckerberg Initiative".
Zuckerberg wrote on Facebook, as part of a lengthy open letter addressed to her baby, that the new non-profit endeavor aims to "advance human potential" and to bat for equal opportunities for next-generation kids.
Venturing into philanthropic activities is nothing new for the Facebook CEO. Back when he was in his mid-20s, he took part in inviting some of the wealthiest people in the world to support the Giving Pledge, Reuters reported.
Zuckerberg expressed that their daughter's arrival led him and his wife to think deeply about doing their part to unlock the potential or gifts of every person across the world.
Chan said in a post that as parents, they need to make sure that there are investments and programs that ensure that the future will be better than today.
Zuckerberg announced that he will adopt a hands-on style to his new babies. He will administer the new project himself, which is estimated to be worth a hefty $3 billion by 2018,The Guardian reported.
Zuckerberg and his wife received an outpouring of support along with the congratulatory messages. Melinda Gates, co-founder of the Bill & Melinda Gates Foundation, wrote that Zuckerberg and wife will be "fantastic parents".
Gates also commented that the example that the Facebook CEO and his other half are setting through a generous pledge and undertaking serves as inspiration to countless others.
In other news, Zuckerberg had earlier joined forces with fellow entrepreneurs, namely Microsoft founder Bill Gates, Amazon CEO Jeff Bezos, and Virgin Group's Richard Branson to help alleviate climate change through a partnership dubbed the Breakthrough Energy Coalition.