Facebook CEO Mark Zuckerberg made his first big share sale after becoming a father. He sold stocks of social networking site Facebook to fund his family’s philanthropic initiative.
According to sources, The Chan Zuckerberg Foundation and CZI Holdings LLC sold Facebook shares worth $95 million. The price of the shares ranged from $122.85 to $124.31.
The couple has plans to give more than $1 billion worth shares for the organisation every year.
“ Chan Zuckerberg Initiative” was declared by the couple Mr Zuckerberg and his wife Priscilla Chan when they became parents of girl child Maxima Chan Zuckerberg. They said that the foundation would be focusing on “personalised learning, curing disease, connecting people and building strong communities.”
Last December the couple pledged that they would give 99% of the shares of Facebook to charity during their lifetime.
“We will give 99 per cent of our Facebook shares during our lives to advance this mission. We know this is a small contribution compared to all the resources and talents of those already working on these issues. But we want to do what we can, working alongside many others,” the couple wrote on Facebook. Currently, Facebook has more than 1.7 billion active users.