According to a recent filing of Statement of Changes in Beneficial Ownership at United States Securities and Exchange Commission, Facebook, Inc’s (NASDAQ:FB) CEO Mark Zuckerberg has just sold about $95 million worth shares to fund his new philanthropic venture with his wife Priscilla Chan.
Their “Chan Zuckerberg Foundation” has sold 760,000 Facebook shares this Wednesday. Mark Zuckerberg and Priscilla Chan announced the creation of the non-profit organization in 2015, when their daughter Maxima Chan Zuckerberg, to focus on promoting equality and advancing human potential.
The Chan Zuckerberg Foundation’s motto statement reads:
We’ll focus first on personalized learning, curing disease, connecting people and building strong communities. We will make long-term investments over 25, 50 or even 100 years because our greatest challenges require time to solve.
During the launch of the nonprofit organization (technically a limited liability corporation), Mark and Priscilla said that they will be giving away 99 percent of their Facebook shares over their life to philanthropic activities.
At that time, their shares were worth $45 billion, and since then the share value has risen over 18 percent. At that time, Zuckerberg couples moved their 99 percent of shares to the Chan Zuckerberg foundation and pledged to sell $1 billion worth shares annually for next three years.