Facebook founder starts to make good his charity commitment » Charity Digital News

Facebook founder starts to make good his charity commitment

Facebook founder Mark Zuckerberg is starting to make good his promise to donate big money to charity after selling some of the company’s shares for a good cause.

The social media site’s founder and his wife offloaded $95m (£72m) worth of the company’s shares for philanthropic reasons last week.

The funds reportedly were sold by the Chan Zuckerberg Foundation and CZI Holdings LLC, both owned by the couple, according to a filing with the Securities and Exchange Commission on Friday.

In December of last year, Zuckerberg moved some of his Facebook shares to the Chan Zuckerberg Initiative, a for-profit corporation whose mission is to “advance human potential and promote equality for all children in the next generation”.

It’s the first cash injection into the charity group. Zuckerberg plans to ramp that up, as he’s committed to transferring enough shares to the charity so that it can sell $1bn worth of stock each year for the next three years.

Zuckerberg received a great deal of attention when he made his statement last year, which he timed to the birth of his daughter, Maxima.

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