Source: Agencies20 Aug 2016 10:56:48
San Francisco, August 20: Facebook CEO Mark Zuckerberg and his wife Priscilla Chan took a step towards serving society after they donated about 95 million dollar in Charity. On Wednesday and Thursday, the couple’ two organization for giving and impact investing, Chan Zuckerberg Foundation and CZI Holdings LLC, sold Facebook shares worth nearly $95 million before taxes.
The sale of more than 760,000 shares of Facebook stock, valued at about $95 million, was made both the organisaations, according to a regulatory filing Friday. The price of the shares ranged from $122.85 to $124.31.
Earlier in December last year, the couple had promised to give away 99% of their Facebook shares for charitable causes, the same month in which their daughter Max was born. To fulfill their pledge, the pair formed the Chan Zuckerberg Initiative, which intends to fund charities, companies and policies that advance human potential and promote equality. According to its website, the organization will initially focus on improving education, curing disease, and strengthening communities.
The venture’s first investment, in June 2016, was in Andela, a startup that trains African engineers for jobs in the tech industry. Zuckerberg’s spokesperson declined to specify what the cash netted in this week’s transactions will fund. The couple plans to sell or give away no more than $1 billion-worth of stock each year through 2018.