Mark Zuckerberg is taking a step towards making his beneficence promise true. Mark has sold a very small portion of his Facebook stock as a part of philanthropy services. According to SEC filing Zuckerberg sold approximately 768,000 shares of Facebook stock in August worth more than $95 million.
This is a part of Zuckerberg’s plan to donate 99% of his share to the charity which is worth of $45 billion in total. Zuckerberg announced this plan with his wife Priscilla after the couple had their first baby girl Max in December. The Facebook CEO formed Chan Zuckerberg Initiative that aims to focus on “personalized learning, curing disease, connecting people and building strong communities.”
Zuckerberg said the main goal is to “We want every child to grow up in a better world. Our hopes for the future center on two ideas: advancing human potential and promoting equality.”
This is the first round of funding comes after the announcement made last year taking their initiate for philanthropic activity. Recently Facebook has gone though a major shareholder restructuring in the company. The shareholders of the company voted Zuckerberg to keep majority of his ownership in the company even after he sells his own share.
The organization has not outlined how this $95 Million will spend. Even after the initial sold out of Facebook stock, Zuckerberg still owns 400 million of share in the company.