Facebook Inc Chief Executive Officer, Mark Zuckerberg , sold nearly 500 million dollars in the company ’s shares in February to fund his philanthropic investment vehicle , the Chan Zuckerberg Initiative, CZI , regulatory filings showed .
The move is not a surprise, being part of Zuckerberg ’s plan to expedite stock sales to fund the initiative he set up in December 2015 with his wife Priscilla Chan .
Two security filings on Thursday showed that Zuckerberg sold 685 ,000 shares worth 125 .4 million dollars in the last three days of February .
This had taken his total sales in the month to about 2. 7 million shares worth 482 .2 million dollars.
Zuckerberg said in September he would sell 35 million to 75 million shares of Facebook over the next 18 months .
That would amount to up to 13 billion dollars , based on Facebook ’s current share price .
The Silicon Valley billionaire has said he will donate 99 per cent of his Facebook shares to CZI – worth about 45 billion dollars when the initiative was formed .
He sold about 1 .6 billion dollars of the company ’s stock in 2016 and 2017 , according to technology website Recode .
Zuckerberg ’s foundation is similar to those set up by Microsoft Corp founder Bill Gates and his wife Melinda Gates, and the Buffett Foundation , formed by billionaire Warren Buffett .