Facebook CEO Mark Zuckerberg’S Charity Raises Selling $95 Million Of Facebook Stock

Economy Jamie Simon
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Mark Zuckerberg and wife Priscilla Chan, have already started to carry out their pledge to give 99% of their fortune to public-interest. The couple’s two vehicles for impact are investments and charitable giving (CZI Holdings LLC and the Chan Zuckerberg Foundation) on Wednesday and Thursday, sold Facebook shares worth $95 million.

The couple in December 2015 revealed their plans to give away 99 percent of their Facebook shares to charitable causes via a Facebook post and on the same month the couple’s daughter, Maxima, was born. At the time of this announcement, their stock holdings were $45 billion.

In order to fulfill their pledge, they established the Chan Zuckerberg Initiative, a program designed to fund charities, policies and companies that promote equality and advance human potential. The organization will focus on improving education, strengthening communities, and curing disease, as stated on its website.

The couple intends to sell off or give away a whopping $1 billion-worth of stock yearly through 2018. The charity initiative on Wednesday and Thursday made over $95 million from selling 767,905 shares.

This is the first fund’s infusion into the group. Zuckerberg intends to ramp it up, as he is already committed to continuing transferring shares into the charity group so as to enable it to sell more than $1 billion worth of stock on a yearly basis for the following three years.

The couple received much attention when they made this commitment last year. But this is not a typical charity organization.

The Chan Zuckerberg Foundation and CZI Holdings LLC are curiously organized agencies. The Chan initiative is actually a for-profit LLC (limited liability company), which means that it can help in lobbying politicians to pass some laws. Facebook declined to give any official comment.

As 2016 Forbes estimated that Zuckerberg is worth $53.3 billion.