OH BABY

Mark Zuckerberg’s daughter Max is born—and he’s giving away $45 billion of her inheritance

Facebook CEO Mark Zuckerberg and his wife, Priscilla Chan, welcomed their newborn daughter, Max, today with—what else—a Facebook post. More surprising was the news the post contained: The couple announced that they’ll donate 99% of their shares in Facebook, worth about $45 billion, to a new foundation they’ve created to “promote equality for all children in the next generation.”

“We know this is a small contribution compared to all the resources and talents of those already working on these issues,” Zuckerberg and Chan wrote. “But we want to do what we can, working alongside many others.”

The Chan Zuckerberg Initiative will focus first on curing disease, improving education, and “connecting people.” According to a filing with the US Securities and Exchange Commission, the donations will take place over the course of Zuckerberg’s lifetime and will be capped at $1 billion a year for the first three years. Zuckerberg, who is taking two months of paternity leave, will maintain majority voting power.

“Max, we love you and feel a great responsibility to leave the world a better place for you and all children,” the new parents wrote. “We wish you a life filled with the same love, hope and joy you give us.”

Read this next: This is Mark Zuckerberg’s letter announcing the birth of his daughter, Max—and a $45 billion charity pledge

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