Mr Zuckerberg made the
announcement in a letter to Max on his Facebook page.
He said they are donating
their fortune to the Chan Zuckerberg Initiative because they want to make
the world a better place for Max to grow up in.
The donation amounts to $45bn (£30bn) at Facebook's current
value.
However the shares will not be donated to charity immediately,
but over the course of the couple's lives.
Were Mr Zuckerberg to give away 99% of his shares immediately,
he would still possess hundreds of millions of dollars. Ms
Chan's worth has not been documented.
Max was born last week, although her birth was only made public
on Tuesday.
In his letter Mr Zuckerberg said the aim of the Chan
Zuckerberg Initiative is "to advance human potential and promote equality
for all children in the next generation".
Its initial areas of focus will
be personalised learning, curing disease, connecting people and
building strong communities.
"Your mother and I don't yet have the words to describe the
hope you give us for the future," Mr Zuckerberg said at the
start of his letter to Max.
"You've already given us a reason to reflect on the world
we hope you live in," it added.
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