Following the birth of their first child, Facebook CEO Mark Zuckerberg and his wife Priscilla Chan announced that they will give away 99 percent of their Facebook shares, currently worth about $45 billion, to a new charity the couple has founded.

The couple announced the birth of their daughter, Max, on Zuckerberg’s Facebook page. But the real news is a plan to establish the Chan Zuckerberg Initiative “to advance human potential and promote equality for all children in the next generation,” outlined in a letter addressed to Max.

“Our initial areas of focus will be personalized learning, curing disease, connecting people and building strong communities,” Zuckerberg and Chan wrote in the joint letter. They explained that “by starting at a young age, we hope to see compounding benefits throughout our lives.”

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