Mark Zuckerberg, Facebook CEO and the fifth-richest person in the world, with a current net worth of $54 billion, and his wife Priscilla Chan, just sold another $95 million worth of their Facebook holdings in order to donate to charitable causes.
In December, the couple announced via a Facebook post that they plan to sell or give away 99% of their Facebook holdings in order to improve education, cure disease, and combat poverty and inequality in the world. They plan to give away $1 billion per year through the year 2018.
The billionaire couple started the Chan Zuckerberg Foundation, which they will use to channel some of their charitable contributions. Their other organization, CZI Holdings, LLC, must pay capital gains tax on any of the money from security sales, because it is not a charitable organization. It is estimated that the $95 million that they've given this time will be about $85 million, post-tax.
(Adam Berry/Getty Images)
When the couple first announced their giving plans, their Facebook holdings were estimated to be worth around $45 billion. This most recent donation is already the third, large amount that they have pulled out, and the second this month. Earlier in August, they donated an identical $95 million (pre-tax). Back in June, they made their first investment in Andela, which works to train African engineers to work in the tech industry.
They still have a long way to go before they hit their promised 99%, but it's safe to say that they are already making an enormous impact for good.
