Zuckerberg to Sell Up to 75M Facebook Shares

posted by Rob Quinn -

Photo Credit: Getty Images

Mark Zuckerberg says he's sticking with his plan to eventually sell 99% of his shares in Facebook—and he's starting with up to 75 million shares, which is almost a fifth of his stake in the company. In a post on, of course, Facebook, Zuckerberg explains that he has dropped his controversial plan to create non-voting shares in the company because his shares have become so valuable that he can sell enough to fund his philanthropy and "retain voting control of Facebook for 20 years or more," TechCrunch reports. 

I want to share some important news about Facebook and how Priscilla and I are funding our philanthropy. I've often...

Posted by Mark Zuckerberg on Friday, September 22, 2017

Facebook "was not originally founded to be a company, but to accomplish a social mission," he says. The stock has soared to more than $170 a share, meaning Zuckerberg's sell-off could raise up to $12.8 billion.

Read the full story on Newser.com

More From Newser


Comments

title

Content Goes Here

This ad will close in X seconds.