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Zuckerberg sells nearly $500M worth of Facebook stock for philanthropic work

Mark Zuckerberg sold more than 2 million shares of Facebook Inc.'s common stock in February to fund his philanthropic investment vehicle, the Chan Zuckerberg Initiative.

In a statement to Reuters, a representative for the Chan Zuckerberg Initiative said the shares worth $482.2 million "will go to support a range of CZI's philanthropic activities and operations for many years to come."

Zuckerberg and his wife, Priscilla Chan, launched the philanthropic initiative when their daughter, Max, was born in 2015. The couple at that time pledged to donate 99% of their Facebook shares over their lifetime to advance human potential and promote equality for all children in the next generation.

In September 2017, the founder and CEO of Facebook announced that he would sell 35 million to 75 million shares of company stock over about 18 months for philanthropic work.