Facebook CEO Mark Zuckerberg and wife Priscilla Chan welcomed the birth of their daughter, Maxima, last week. In light of this, Zuckerberg announced through Facebook that he and his wife will be giving out 99 percent of their Facebook stock holdings for a good cause.

In the first-time parents' desire to make a better world for their daughter, nicknamed Max, one of the wealthiest couples in the tech industry has pledged to give almost all their Facebook stock holdings, which currently amounts to $45 billion, to a new organization called the Chan Zuckerberg Initiative, the Associated Press reports.

The initiative is said to be a combination of charitable donations, private investment and promotion of government policy reform. Furthermore, it will be organized as a limited liability company and not as a non-profit organization.

This is the way Zuckerberg wants it to be since according to Facebook spokeswoman Rachael Horwitz, "They want the most flexibility and they are going to use a wide variety of activities to achieve their mission. So in that way this is not a foundation nor is it entirely charitable."

The news comes after Zuckerberg and Chan welcomed their daughter and revealed their plans on Tuesday via a Facebook post.

"Your mother and I don't yet have the words to describe the hope you give us for the future. Your new life is full of promise, and we hope you will be happy and healthy so you can explore it fully. You've already given us a reason to reflect on the world we hope you live in," Zuckerberg wrote on Facebook.

Reuters further reveals that Zuckerberg and Chan will both control the initiative including Facebook. The organization will include efforts for health, education, and, of course, internet access.

Furthermore, Zuckerberg and Chan's initiative kick off by focusing on curing diseases as well as improving internet connectivity, community building and personalized learning. This means that students will have the luxury to learn in their own way and phase.

"Even better, students around the world will be able to use personalized learning tools over the internet, even if they don't live near good schools. Of course it will take more than technology to give everyone a fair start in life, but personalized learning can be one scalable way to give all children a better education and more equal opportunity," Zuckerberg said on his Facebook post titled "A letter to our daughter."