Tuesday 25th, June 2024
canara news

Zuckerberg gives away $95 mn Facebook shares in charity

Published On : 21 Aug 2016


San Francisco, (IANS) In the first gesture to fulfil his pledge that he and his wife made last year, Facebook CEO Mark Zuckerberg has sold $95 million of the social networking giant's shares.

According to a US regulatory filing, The Chan Zuckerberg Foundation and CZI Holdings LLC sold Facebook shares worth $95 million before taxes, Forbes reported on Saturday.

"The sales likely netted more than $85 million after capital gains taxes, the report added.

The couple plans to give away no more than $1 billion worth of stock each year through 2018.

Last December, Zuckerberg and his wife Priscilla Chan pledged to donate 99 per cent of their Facebook shares -- about $45 billion -- to advance human potential and promote equality for children.

Declaring the "Chan Zuckerberg Initiative" as they welcomed their first girl Maxima Chan Zuckerberg, the couple said they have created a new foundation that would initially focus on "personalised learning, curing disease, connecting people and building strong communities."

"As you begin the next generation of the Chan Zuckerberg family, we also begin the Chan Zuckerberg Initiative to join people across the world to advance human potential and promote equality for all children in the next generation," they posted in a 2,200-word letter to their new-born daughter on Facebook.

"We will give 99 per cent of our Facebook shares during our lives to advance this mission. We know this is a small contribution compared to all the resources and talents of those already working on these issues. But we want to do what we can, working alongside many others," the couple wrote.

Facebook currently has 1.71 billion monthly active users.







More News

Sensex, Nifty fall 1% as crude oil prices surge
Sensex, Nifty fall 1% as crude oil prices surge
Aamir Khan calls 'Thugs of Hindostan' role one of his toughest
Aamir Khan calls 'Thugs of Hindostan' role one of his toughest
Fuel prices continue to fall as global crude rates ease
Fuel prices continue to fall as global crude rates ease

Write your Comments

Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. canaranews.com will not be responsible for any defamatory message posted under this article.

Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on CANARANEWS to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using canaranews will be purely at your own risk, and in no way will canaranews.com be held responsible.