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In a post on Facebook FB +2.57%, Mark Zuckerberg announced that he and his wife Priscilla Chan have a new baby girl named Max. Along with that joyful news, Zuckerberg said he plans to give away 99% of his Facebook stock over the course of his life. That is a gift currently worth $45 billion.

Facebook CEO Zuckerberg is currently the 7th richest person in the world, according to Forbes’ Real Time Billionaires ranking, with a net worth estimated at $46.8 billion.

Zuckerberg made his stock giveaway promise official in a filing with the Securities and Exchange Commission. The filing says:

“On December 1, 2015, our Founder, Chairman and CEO, Mark Zuckerberg, announced that, during his lifetime, he will gift or otherwise direct substantially all of his shares of Facebook stock, or the net after-tax proceeds from sales of such shares, to further the mission of advancing human potential and promoting equality by means of philanthropic, public advocacy, and other activities for the public good. For this purpose, Mr. Zuckerberg has established a new entity, the Chan Zuckerberg Initiative, LLC, and he will control the voting and disposition of any shares held by such entity. He has informed us that he plans to sell or gift no more than $1 billion of Facebook stock each year for the next three years and that he intends to retain his majority voting position in our stock for the foreseeable future.

In a long, detailed letter to their newborn daughter posted on his Facebook page, Zuckerberg spells out what the Chan Zuckerberg Initiative will do:

As you begin the next generation of the Chan Zuckerberg family, we also begin the Chan Zuckerberg Initiative to join people across the world to advance human potential and promote equality for all children in the next generation. Our initial areas of focus will be personalized learning, curing disease, connecting people and building strong communities.

The letter to their daughter goes into detail about the two goals shaping Zuckerberg and Chan’s giving philosophy. They pose some questions about what advancing human potential and promoting equality means, including: “Can our generation eliminate poverty and hunger?”