Sci-tech

Zuckerberg wants to sell 35-75 mn Facebook shares

Zuckerberg wants to sell 35-75 mn Facebook shares”

Zuckerberg had said in April 2016 that the plan for the new shares would let him fund his philanthropy goals while keeping control of Facebook.

Zuckerberg said in a Facebook post Friday that proceeds of the sale will go to fund his and wife Priscilla Chan's "work in education, science, and advocacy".

The plan unveiled previous year had been created to allow founder and chief executive Mark Zuckerberg to maintain voting control as he divests to fund a philanthropic initiative with his wife Priscilla. In his announcement on Facebook, Zuckerberg said the increase in Facebook's stock price allows him to avoid creating a non-voting class of stock.

He also asked the company's board to withdraw the proposal to reclassify the stock that he proposed to create a year ago.

A class-action trial on the matter was due to start next week in DE but was called off with Zuckerberg's announcement.

A class action lawsuit filed in a DE court to block the share reclassification plan was scheduled to get under way shortly, with Zuckerberg among those expected to be called on to testify.

Zuckerberg still plans to sell up to $12 billion of Facebook shares to fund philanthropic ventures.

"We have a lot of work ahead at Facebook to help build community and bring the world closer together. This path offers a way to do all of this, and I'm looking forward to making more progress together", he said.



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