Zuckerberg raises philanthropic bar to 99%

MARK Zuckerberg built Facebook into a US$300 billion technology powerhouse by adopting the disruptive mantra, "Move fast and break things". Though it made him some enemies of a couple of preppy twins and led to some early mistakes, it clearly served the world's dominant social network well. When it comes to philanthropy, though, Mr Zuckerberg has adopted a variation on the model, moving judiciously and learning things, particularly from his billionaire elders.

The decision by Mr Zuckerberg and his wife Priscilla Chan on the occasion of their daughter's birth to give away 99 per cent of their Facebook wealth - something around US$45 billion - is disruptive in its own way. It ups the ante on The Giving Pledge, which has roped in many of the world's plutocrats with a commitment to "dedicate the majority of their wealth to philanthropy". The initiative has defined that to mean at least half.

Cranking that figure up to 99 per cent raises the stakes not only for those who follow in the footsteps of Mr Zuckerberg and Ms Chan, but may encourage earlier pledges from the likes of hedge fund boss Bill Ackman and Microsoft co-founder Paul Allen to see if they can't add a few zeroes to their own charitable planning. Even Giving Pledge champions Bill Gates and Warren Buffett might be persuaded to raise the bar to Mr Zuckerberg's level.