According to a Forbes report citing filings with the US Securities and Exchange Commission (SEC), about 90 per cent of the sales were made by his philanthropic organisation, the Chan Zuckerberg Initiative (CZI)
Mark Zuckerberg. Pic/AFP
Facebook CEO Mark Zuckerberg is selling his stock very fast and since November 9, 2020, he has unloaded shares almost every business day which amounts to 9.4 million shares worth USD 2.8 billion, the media reported.
ADVERTISEMENT
According to a Forbes report citing filings with the US Securities and Exchange Commission (SEC), about 90 per cent of the sales were made by his philanthropic organisation, the Chan Zuckerberg Initiative (CZI).
"Zuckerberg, who is the world's fifth richest person with nearly USD 127 billion worth, has now winnowed his stake in Facebook to about 14%, down from 28% at the time of the company's IPO," the report mentioned.
The 37-year-old media magnate and Internet entrepreneur has taken home around USD 2.1 billion from the sales after taxes.
Also read: Facebook to update its policies on handling satirical content
Since Facebook went public in May 2012, Forbes estimated that he sold more than 132 million Facebook shares worth nearly USD 15 billion.
Zuckerberg began regularly selling his Facebook stock in 2016 after he and his wife wrote a letter to their daughter Maxima, pledging to give 99 per cent of their stocks over their lifetimes toward education and curing diseases.
In 2018, the Facebook CEO sold USD 5.3 billion worth of shares mostly through CZI. As of 2018, Zuckerberg and Chan had donated nearly USD 2 billion worth of Facebook shares to the Silicon Valley Community Foundation (SVCF).
Facebook shares are up more than 800 per cent compared to when it went public nine years ago. Not only Zuckerberg, Amazon founder Jeff Bezos has also lowered his stake to 24 per cent from 42 per cent in the first nine years after IPO.
Bezos, 57, has sold almost USD 27 billion in Amazon shares before taxes, offloading about USD 10 billion in shares just last year.
Bezos, who stepped down as Amazon's CEO in June, also gave his ex-wife MacKenzie Scott a quarter of his stake in the company during their divorce. His stake in Amazon now stands at only 10 per cent.
According to the report, about 98 per cent of Zuckerberg's estimated worth is still held in Facebook stock.
"Google founders Larry Page and Sergey Brin trimmed their stakes to about 7 per cent from 16 per cent in the same amount of time," the report mentioned.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
