Mark Zuckerberg will sell 41.4 million shares of Facebook, Reuters said Thursday. The CEO will rake in about $2.3 billion from the sale, though he will reportedly use a majority of that cash to pay taxes. 18 million shares, worth about $500 million right now, are being gifted to a charity, Zuckerberg said Thursday.
‘Today, in order to lay the foundation for new projects, we’ve made a contribution of 18 million Facebook shares to the Silicon Valley Community Foundation,” the CEO explained, noting that the donation was also on behalf of his wife Priscilla. “Together, we will look for areas in education and health to focus on next. I’m hopeful we’ll be able to have as positive an impact in our next set of projects.”
Zuckerberg isn’t the only one walking away with a fatter wallet. One Facebook board member Marc Andreessen will sell 1.65 million shares, Reuters said, and Facebook itself will also offer up 27 million shares for additional cash. Zuckerberg’s sale does come at a cost: he has diluted his voting power in the company from 58.8 percent to 56.1 percent, Reuters said.
Correction: We originally had Zuckerberg’s “ownership” in Facebook dropping to 56.1 percent, but have updated to reflect that it’s his voting power that has dropped to 56.1 percent.