You are using an older browser version. Please use a supported version for the best MSN experience.

Mark Zuckerberg plans to sell nearly 18% of his Facebook shares in next 18 months

LiveMint logoLiveMint 23-09-2017 Tom Metcalf

New York/San Francisco: Mark Zuckerberg, the world’s fifth-richest person, plans to sell as much as 18% of his Facebook Inc. stock during the next 18 months.

The founder and chief executive officer of the world’s biggest social media company expects to sell 35 million to 75 million shares, Menlo Park, California-based Facebook said on Friday in a regulatory filing. The stock ended the week at $170.54, valuing 75 million shares at $12.8 billion.

Zuckerberg, 33, and wife Priscilla Chan, 32, have a $72.4 billion fortune, according to the Bloomberg Billionaires Index. They had pledged in December 2015 to sell most of their Facebook shares over time to invest in philanthropic causes.

Facebook scrapped plans to create a new class of shares that would have allowed Zuckerberg to sell almost all of his stock without losing voting control of the company, a move that aggrieved some shareholders. Bloomberg

More From LiveMint

image beaconimage beaconimage beacon