August 19, 2016

Zuckerberg Sells $95 Million in Facebook Stock for Social-Good Effort

Mark Zuckerberg and Priscilla Chan have started to sell their Facebook shares to pay for the philanthropic and other efforts to improve people’s lives  and promote equality.
The Facebook co-founder and his wife, a pediatrician, sold $95 million worth of Facebook stock in May, according to Securities and Exchange documents released Friday afternoon.
A spokeperson from the Chan Zuckerberg Initiative confirmed the information and said this is the first stock sale to back the efforts the couple announced late last year when they pledged 99 percent of their Facebook stock to the newly created organization.
At the time, the couple said they created the limited-liability corporation to use their wealth to improve the world “for the next generation.”
They established the LLC rather than creating a traditional private foundation with the aim of not only giving money to nonprofits but also to participate in public advocacy and invest in businesses or other entities whose profits will be used to support the LLC’s work.
In December, Ms. Chan told The Chronicle about the plans she and Mr. Zuckerberg had for CZI.
The couple sold a total of 767,905 shares of Facebook stock in this first round of stock sales. They have not announced any new commitments or plans for CZI’s work.

Send an email to Maria Di Mento.