Facebook CEO Mark Zuckerberg has sold off nearly 1.6 million in stocks this month, with the sales outburst amounting to nearly $296 million.
In September 2017, the social media celebrity stated in a Facebook post that he planned on selling between 35 million to 75 million shares in the span of 18 months, ending in March this year. With Facebook shares amounting to $170 at that time, the expected cash outstood to be over $12 billion.
The plan sets out to fund the Chan Zuckerberg Initiative, a limited liability company owned and established by the tech magnate and his wife Priscilla Chan. CZI aims to “advance human potential and promote equality in areas such as health, education, scientific research, and energy”. The couple has pledged 99% of their Facebook shares which amount to $45 billion, as an endowment to the company and their philanthropic services.