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  • 08.19.16

Mark Zuckerberg just sold almost $100M in Facebook stock for philanthropic ventures

The First Family of Facebook may be making good on their pledge to give away most of their wealth. Mark Zuckerberg recently sold around $95 million worth of Facebook stock to fund Chan Zuckerberg Initiative Holdings and the Chan Zuckerberg Foundation. The sale was disclosed as part of a regulatory filing and reported on late Friday by Bloomberg. Comprising more than 760,000 shares, it marked the first big sell-off to fund the Facebook chief’s philanthropic ventures. 

Following the birth of their daughter in December 2015, Zuckerberg and his wife, Priscilla Chan, pledged to give away 99% of their wealth. Some critics have doubted that their motives were purely altruistic, noting that the couple had set up an LLC, as opposed to a charitable trust. 

Either way, it’s a good time to sell. Facebook shares have been booming since late July, when the company—bolstered by soaring mobile ad sales—crushed earnings estimates  CZ