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Mark Zuckerberg sold 95 mil. dollars in Facebook shares

Posted August. 23, 2016 06:57,   

Updated August. 23, 2016 07:04

한국어

Facebook founder and CEO Mark Zuckerberg has sold 768,000 shares of company stock (worth 95 million U.S. dollars) this month. This marks the first time Zuckerberg has sold his company shares since he pledged to give away his company shares for philanthropy funds in December last year.

Quoting the data from the Securities and Exchange Commission (SEC), the U.S. IT magazine Recode reported on Sunday that the Facebook CEO sold part of his company shares by using a 10b5-1 trading plan (form of stock selling designed to avoid suspicion over insider trading).

According to the SEC data, Zuckerberg made a decision to sell the company shares to raise philanthropy funds.

Last year, Zuckerberg announced that he will give away 99 percent (45 billion dollars) of his company shares (400 million shares) after his daughter was born in December. He said the decision was to "advance human potential and promote equality for all children in the next generation." The founder of Facebook and his wife Priscila Chan also announced a detailed action plan to donate one billion dollars per year over the next three years.



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