Mark Zuckerberg sells another $95 million in Facebook stock for charity

Facebbok’s CEO Mark Zuckerberg and his wife, Priscilla Chan, added another $95 million (pretax) to the coffers of their charitable initiatives this week. On Tuesday and Wednesday, the Chan Zuckerberg Foundation and CZI Holdings LLC—the pair’s two vehicles for philanthropy and impact investing—sold Facebook shares worth that amount before taxes, according to regulatory filings.

The sales likely brought in more than $85 million in cash after capital gains taxes, which CZI Holdings must pay because it is a limited liability company rather than a charitable foundation.

It’s the second time this month that the two groups have sold Facebook stock worth that amount. The contributions follow the couple’s pledge last December to donate 99% of their Facebook shares to social causes. Their Facebook holdings were worth $45 billion at the time.

The sales are likely to keep coming. For starters, Zuckerberg and Chan plan to sell or give away up to $1 billion in stock each year through 2018, the regulatory filing said.

The Chan Zuckerberg Initiative focuses on improving education, curing disease, and strengthening communities, according to its website. The organization’s first investment, in June 2016, was in Andela, a startup that trains African engineers for jobs in the tech industry.

FORBES estimates that Zuckerberg has a fortune worth $54.3 billion, making him the fifth richest person in the world.

source:forbes.com

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