Making good on the pledge to give away 99 percent of their wealth to public-interest causes, Facebook CEO Mark Zuckerberg and Priscilla Chan’s Chan Zuckerberg Foundation and CZI Holdings LLC sold Facebook shares worth nearly USD 95 million before taxes, according to a regulatory filing last week.
Forbes reported that the sales netted more than USD 85 million after capital gains taxes, which CZI Holdings must pay because it is a limited liability company rather than a nonprofit foundation.
Chan Zuckerberg Initiative, which intends to fund charities, companies and policies that ‘advance human potential and promote equality’. The organization has said that it will initially focus on improving education, curing disease, and strengthening communities. The venture had done its first investment in June 2016 in Andela, a startup that trains African engineers for jobs in the tech industry.
Forbes estimates that Zuckerberg has a fortune worth USD 53.3 billion.
