Facebook founder Mark Zuckerberg, and his wife Priscilla Chan, have announced upon the birth of their daughter that they now plan to donate 99 per cent of their shares in the social network to philanthropic efforts.

The couple plans to set up an initiative to support good causes that "advance human potential and promote equality for all children in the next generation," Mr Zuckerberg said in an open letter on Tuesday night. The project will support good causes particularly in the areas of health, education and community. 

Even though he is donating his shares, Mark Zuckerberg will retain his majority shareholder position on all decisions relating to Facebook in the foreseeable future.