Mark Zuckerberg, Facebook’s founder and CEO, has just sold a very small portion of his Facebook stock for $95 million.
A recent SEC filing shows that Zuckerberg sold approximately 768,000 shares of Facebook for about $95 million. The sale was scheduled ahead of time to avoid any insider trading issues.
However, Zuckerberg isn’t cashing out of Facebook or making an investment somewhere else but the sale was to make good on his promise to giveaway 99% of his wealth. He made this pledge last year when he had his first baby with his wife, Priscilla. There is no indication to where exactly the proceeds from recent sale will be spent on but Zuckerberg promised to spend his fortune on “personalized learning, curing diseases, connecting people and building strong communities.”
This is the first time Zuckerberg has sold his Facebook stock since he made the promise. He planned to donate $1 billion each year for the next 3 years which means that we will see more sales like this before 2016 ends.
Mark Zuckerberg still holds about 400 million Facebook shares and the company changed its stock structure recently so that Zuckerberg can sale his stock without giving away his control.