Facebook's Zuckerberg signs 'The Giving Pledge'

Mark Zuckerberg, founder of social media giant Facebook, has signed onto "The Giving Pledge", committing to give away the majority of his wealth, according to Business&Leader ship.

The pledge announced on Wednesaday that 17 more signatories had been received. Twenty-six year old Zuckerberg was among these.

"People wait until late in their career to give back. But why wait when there is so much to be done?" said the co-founder, CEO and president of Facebook.

"With a generation of younger folks who have thrived on the success of their companies, there is a big opportunity for many of us to give back earlier in our lifetime and see the impact of our philanthropic efforts."

Earlier this year, Zuckerberg promised to give up to US$100m to public schools in Newark.

"The Giving Pledge" now includes 57 of American's wealthiest families. Sixteen billionaires have signed up to the project, which was originally launched by Warren Buffett and Bill and Melinda Gates.

The project focuses on billionaires and is a "moral commitment to give, not a legal contract". But each person who pledges is required to make a public statement and publish an explanation letter.
Other new names on the list include AOL co-founder Steve Case, investor Carl Icahn and former junk-bond king Michael Milken.

Case and his wife Jean said they signed the pledge because they hoped it would help philanthropists learn from each other. "It is less about what size of a check that you write and more about the outcome," they said.