Facebook boss Mark Zuckerberg sells $128 million in company shares for philanthropic initiative

Mark Zuckerberg is seen on stage during a town hall at Facebook's headquarters in Menlo Park, California September 27, 2015.
Mark Zuckerberg is seen on stage during a town hall at Facebook's headquarters in Menlo Park, California September 27, 2015. PHOTO: REUTERS

NEW YORK (Bloomberg) - Facebook chief executive Mark Zuckerberg has made his first big share sale to fund his family's philanthropic initiative.

The sale of more than 760,000 shares of Facebook stock, valued at about US$95 million (S$128 million), was made by Chan Zuckerberg Initiative Holdings and the Chan Zuckerberg Foundation, according to a regulatory filing Friday. The price of the shares ranged from US$122.85 to US$124.31.

It will be the first of many sales in Mr Zuckerberg's plan to fund solutions for problems in health, science and education. After the birth of his daughter Maxima, Mr Zuckerberg and his wife Priscilla Chan pledgedto give away 99 per cent of their wealth during their lifetime.

At the time, the December pledge was worth about US$45 billion. Since then, Facebook stock has gained more than 15 per cent.