Mark Zuckerberg selling his Facebook stock nearly every business day

SAN FRANCISCO: 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 $2.8 billion, the media reported.

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 Mark Zuckerberg Initiative (CZI).

"Zuckerberg, who is the world's fifth richest person with nearly $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 $2.1 billion from the sales after taxes.

Since Facebook went public in May 2012, Forbes estimated that he sold more than 132 million Facebook shares worth nearly $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 $5.3 billion worth of shares mostly through CZI.

As of 2018, Zuckerberg and Chan had donated nearly $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. (IANS)

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