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San Francisco - Facebook Chief Executive Officer Mark Zuckerberg has made his first big share sale to fund his family's philanthropic initiative.
The sale of more than 760 000 shares of Facebook stock, valued at about $95m, was made by Chan Zuckerberg Initiative Holdings and the Chan Zuckerberg Foundation, according to a regulatory filing on Friday. The price of the shares ranged from $122.85 to $124.31.
It will be the first of many sales in Zuckerberg's plan to fund solutions for problems in health, science and education. After the birth of his daughter Maxima, Zuckerberg and his wife Priscilla Chan pledged to give away 99% of their wealth during their lifetime.
At the time, the December pledge was worth about $45bn. Since then, Facebook stock has gained more than 15%.
Zuckerberg's latest philanthropic initiative comes as Wealth-X, a company that conducts research on the ultra-wealthy, shows that the primary passion of the world's billionaires is philanthropic activities, followed by travel and art.
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