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Mark Zuckerberg will sell as many as 75 million Facebook shares, currently worth $12.8 billion, over the next 18 months

Key Points
  • Mark Zuckerberg will sell a large number of Facebook shares over the next 18 months in sales that would be worth between $6 billion and $12.8 billion based on the stock's current price.
  • The intention to sell between 35 million and 75 million shares was disclosed in a securities filing late Friday.
  • Proceeds of the sale will go "to fund the philanthropic initiatives of Mr. Zuckerberg and his wife, Priscilla Chan," the filing said.
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Zuckerberg: Plan to sell 35 to 75 million shares for philanthropy

Mark Zuckerberg will sell a large number of Facebook shares over the next 18 months in sales that would be worth between $6 billion and $12.8 billion based on the stock's current price.

The intention to sell between 35 million and 75 million shares was disclosed in a Facebook securities filing late Friday.

Proceeds of the sale will go "to fund the philanthropic initiatives of Mr. Zuckerberg and his wife, Priscilla Chan," the filing said.

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Facebook drops plans for new class of shares

The company also said it would scrap a plan to create a new class of shares that would have allowed Zuckerberg to keep a majority of voting control in the company even if his actual ownership stake was far less.

Investors had sued to stop that plan, but the case was settled on Friday. Zuckerberg had been scheduled to testify in the case next week.

Facebook shares closed Friday at $170.54 a share. The stock slipped slightly in after-hours trading after the filing was disclosed.

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