Zuckerberg and his wife announce the birth of their daughter, Max and spending 99% of his fortune in the goodness

The CEO of Facebook, Mark Zuckerberg and his wife, Priscilla Chan, announced the birth of their daughter, Max, on Facebook.

Mark Zuckerberg is a father, and now an even bigger philanthropist.

                                            

The CEO of the world's largest social network said Tuesday that his wife gave birth to their first child, a daughter named Max. As part of the announcement, he also revealed plans to establish the Chan Zuckerberg Initiative, which will receive 99 percent of Zuckerberg's Facebook shares, currently worth about $45 billion. That group will be focused on "improving this world for the next generation," Zuckerberg said. "We have a basic moral responsibility to tilt our investments."

In a video posted to Facebook, Priscilla Chan, Zuckerberg's wife, said the philanthropic effort was inspired by the birth of her daughter.

The announcements were made on Zuckerberg's Facebook page, where, in July, he began more intimately discussing his family by announcing his wife's pregnancy. Among the things he's talked about are their struggles with miscarriage, and his plans to take at least two months off from work to be with his new family.