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