Thursday
August 25
2016

Zuckerberg Sells $95 Million In Facebook Stock For Philanthropic Organization

Facebook CEO Mark Zuckerberg has just sold a huge chunk of stock to fund his recently launched philanthropic initiative, according to a new regulatory filing on Wednesday.

His philanthropic venture, Chan Zuckerberg Initiative, has sold 760,000 Facebook shares worth nearly $95 million. The money is for Zuckerberg and his wife’s effort to help with education, medicine.

Zuckerberg and his wife, Priscilla Chan, announced the creation of the organization, the Chan Zuckerberg Initiative (CZI), when their daughter, Max, was born in 2015. The Initiative is focused on “personalized learning, curing disease, connecting people and building strong communities.”

 At the time, the couple pledged to give away 99% of their Facebook shares over their lifetime to philanthropy through the organization. In December, that amount was worth around $45 billion. During that month, Zuckerberg moved 99% of his Facebook shares to CZI while saying he would start by selling up to $1 billion annually for the next three years. Since that time, Facebook’s stock price has risen in value by more than 18%.

Source: Fortune (link opens in a new window)

Categories
Impact Assessment
Tags
financial inclusion, money, philanthropy, social enterprise