Facebook founder and CEO Mark Zuckerberg has made his first big share sale to fund his family’s philanthropic initiative, an SEC filing on Friday shows.
The sale of more than 760, 000 shares of Facebook stock, valued at about $95 million, was made by Chan Zuckerberg Initiative Holdings and the Chan Zuckerberg Foundation. The price of the shares ranged from $122.85 to $124.31.
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Zuckerberg used a 10b5-1 trading plan, which means the sale was scheduled ahead of time to avoid any issues with insider trading.
It will be the first of many sales in Zuckerberg’s plan to fund solutions for problems in health, science and education. The filing states that the sale was made as part of Zuckerberg’s promise to give away or spend 99 percent of his wealth on personalized learning, curing disease, connecting people and building strong communities.” Zuckerberg and his wife Priscilla Chan made the promis after the birth of thier daughter Maxima. At the time, the December pledge was worth about $45 billion. Since then, Facebook stock has gained more than 15%, accordit to Bloomberg
