Mark Zuckerberg sells around $95 Million of Facebook shares

Facebook CEO Mark Zuckerberg and his wife, Priscilla Chan, have started to make good on their pledge to give away 99% of their wealth to public-interest causes. On Wednesday and Thursday, the couple’s two vehicles for charitable giving and impact investing—the Chan Zuckerberg Foundation and CZI Holdings LLC—sold Facebook shares worth nearly $95 million before taxes, according to a regulatory filing on Friday. Mark Zuckerberg sells around $95 Million of Facebook shares for charitable causes.

As per Forbes declaration the sales likely netted more than $85 million after capital gains taxes. CZI Holdings pay this because it is a limited liability company rather than a nonprofit foundation. As per Forbes report Mark Zuckerberg is the third Richest person in technical world following Bill Gates(Microsoft) and Jeff Bezos(Amazon). He has a fortune estimated worth $53.3 billion.

Motive behind this charitable organization

Mark Zuckerberg sells around $95 Million of Facebook sharesTo fulfill their pledge, the pair formed the Chan Zuckerberg Initiative, which intends to fund charities, companies and policies that “advance human potential and promote equality.” The main motive of the organization will initially focus on improving education, curing disease, and strengthening communities. The venture’s first investment, in June 2016, was in Andela, a startup that trains African engineers for jobs in the tech industry. Zuckerberg’s spokesperson declined to specify what the cash netted in this week’s transactions will fund.

Under the leadership of CEO Mark Zuckerberg, Facebook continues to thrive. The social network boasted 1.65 billion monthly users as of March 2016, up 15% from a year earlier.

Officially The couple announced their plans to give 99% of their Facebook shares to social causes in a Facebook post in December, the same month their daughter, Max, was born. At the time, their stock holdings were worth $45 billion. The company, Zuckerberg came up in 2004 when he was 19, has invested heavily in virtual reality, artificial intelligence and improving global Web access. Nearly two years after buying virtual reality startup Oculus, Facebook began shipping the Rift VR headset in March 2016.

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  1. […] Mark Zuckerberg Sells around $95 Million Of Facebook Shares For Charitable Causes […]

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