Mark Zuckerberg gives away $95 million Facebook shares For Charitable Causes : In the first signal to fulfil his promise that he and his wife made last year, the CEO of social networking giant Facebook Mark Zuckerberg has sold $95 million shares of the social networking giant Facebook.
On Saturday, Forbes reported that according to a US regulatory filing, The Chan Zuckerberg Foundation and CZI Holdings LLC sold $95 million Facebook shares before taxes.
The report added that the sales likely netted more than $85 million after capital gains taxes.
The couple plans to give away no more than $1 billion worth of stock each year through 2018.
Last December, Mark Zuckerberg who is the Facebook founder and his wife Priscilla Chan pledged to donate 99% shares of Facebook — about $45 billion — to promote equality for children and advance human potential.
Declaring the Chan Zuckerberg Initiative as they welcomed their first girl baby Maxima Chan Zuckerberg, the couple said they have created a new foundation which would initially focus on building strong communities, connecting people, curing disease, and personalised learning.
The couple posted a letter to their newborn daughter on Facebook that As you begin the next generation of the Chan Zuckerberg family, we also begin the Chan Zuckerberg Initiative to join people across the world to promote equality for all children in the next generation and advance human potential.
The couple wrote also that we will give 99% shares of our Facebook 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.
Currently, social networking giant Facebook has 1.71 billion monthly active users.