Facebook CEO Mark Zuckerberg plans to sell between 35 million and 75 million shares over the next 18 months. Facebook stocks are currently priced at $170.54 a share. Sales would be worth between $6 billion and $12.8 billion. Proceeds will go to fund Zuckerberg’s philanthropic initiatives in the spheres of education, science and human rights.
In December 2015, Mark Zuckerberg vowed to donate 99% of his shares in the company worth not more than $1 billion a year to charity. In 2016, he proposed to reclassify Facebook stock to create a class of non-voting shares in order to retain control of the company he founded.
Meanwhile, a rise in stock prices would allow Facebook CEO to significantly increase his donations. Zuckerberg plans to fully fund the charitable activities of the company retaining voting control of Facebook for 20 years.
