Facebook founder, wife sell off $95 million worth of shares for charity

folarin okunola

August 22, 2016 12:05 PM

The sale of Facebook shares likely brought in more than $85 million after capital gain taxes, which CZI holding is mandated to pay since it is a limited liability company

Facebook CEO Mark Zuckerberg speaks on stage during the Facebook F8 conference in San Francisco, California April 12, 2016. REUTERS/Stephen Lam

Facebook founder and CEO Mark Zuckerberg and his Priscilla have sold some of their shares in Facebook worth an estimated $95 million for charity and impact investing.

Last year, the couple promised to give away 99% of the immense fortune to charity and other social cause under the Chan Zuckerberg initiative. At the time, the Zuckerberg's were worth an estimated $45 billion.

They sold off this particular set of shares through the Chan Zuckerberg Foundation and CZI Holdings LLC.

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According to Forbes, the sale of Facebook shares likely brought in more than $85 million after capital gain taxes, which CZI holding is mandated to pay since it is a limited liability company and not a non-profit organization.

The Chan Zuckerberg initiative made its first investment in Andela back in June 2016 when they put in about $24 million to help Andela train more coder, developers and engineers in Africa.

As can be found in a regulatory filing, the Zuckerbergs plan to sell or give away more than $1 billion in stock each through 2018.

In its last report, Forbes estimated that Mark Zuckerberg has an estimated net worth of $53.3 billion.

folarin okunola