Mark Zuckerberg pledged to dedicate 99% of his Facebook shares to the Chan Zuckerberg Initiative in 2015. He made the announcement with his wife, Priscilla Chan, in a public letter written after the birth of their daughter, Max.
The Chan Zuckerberg Initiative was established by Zuckerberg and Chan to advance scientific research, education, and health. Rather than being organized initially as a traditional charitable foundation, it was structured as a limited liability company, giving the couple flexibility to make grants, invest in companies, and support nonprofit or policy projects.
The pledge referred to shares held by Zuckerberg and Chan over their lifetimes, not an immediate transfer of every share into a charity. Chris Hughes and Dustin Moskovitz were also Facebook co-founders, while Sheryl Sandberg was a prominent Facebook executive, but none was the founder who made this 99% commitment.