Zuckerberg sells $482m Facebook stock in Feb to fund philanthropic org

New York [USA]: According to some media reports, Mark Zuckerberg has sold almost 500 million dollars Facebook stock to fund the Chan Zuckerberg Initiative (CZI), the organisation for the philanthropic efforts of the former and his wife, pediatrician Priscilla Chan.

Two security filings reportedly showed that Zuckerberg sold 685,000 shares worth 125.4 million dollars in the last three days of February, which took his total sales in the month to about 2.7 million shares worth 482.2 million dollars.

In September, the Facebook CEO said that he would sell 35 million to 75 million shares of Facebook over the next 18 months, adding that he would donate 99 percent of his Facebook shares to CZI.