Mark Zuckerberg sells $95 million in Facebook stock for philanthropic efforts

Facebook CEO Mark Zuckerberg and his wife, Dr. Priscilla Chan, are moving forward with their promise to give away most of their wealth to fund philanthropic causes.

The couple sold about 768,000 shares of the company’s stock, worth about $95 million, as part of their efforts to “advance human potential and promote equality,” according to a filing to the U.S. Securities and Exchange Commission released Friday.

In December, Zuckerberg and Chan said they planned to donate 99 percent of their Facebook shares to philanthropic efforts throughout their lifetime. The announcement was part of a letter to their newborn daughter Max, and the couple created a limited liability company called the Chan Zuckerberg Initiative. At the time, the gift was worth about $45 billion.

In June, the Chan Zuckerberg Initiative made its first investment in Andela, a New York startup that trains software developers in Africa. Andela raised $24 million in Series B funding, a round that was led by the initiative.

Chan, who also started a private school in East Palo Alto that links healthcare and education, spoke to this newspaper about how her personal story has shaped the couple’s philanthropic goals.

The couple plans to sell or gift no more than $1 billion of Facebook stock each year through 2018, according to the regulatory filing.

Photo: Mark Zuckerberg delivers the keynote address at Facebook’s F8 Developers Conference April 12, 2016, in San Francisco, Calif. (Karl Mondon/Bay Area News Group)

 

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  • hoapres

    >> that trains software developers in Africa <> started a private school in East Palo Alto that links healthcare and education <<

    Zuckerberg is in this for the long haul. He intends to control as much as he can.

  • Annoy_Liberals

    All that money he got a mail order bride.

    What a waste.

 
 
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