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Facebook filing: Zuckerberg to sell up to $12.8B in shares for charity

Published 09/22/2017, 07:10 PM
Updated 09/22/2017, 07:10 PM
© Reuters. Facebook filing: Zuckerberg to sell up to $12.8B in shares for charity
  • Updating today's fast-moving Facebook (FB -0.3%) stories: Following initial reports that the company had settled a class-action lawsuit over share reclassification, Facebook disclosed it was dropping its plans for the restructuring altogether.
  • Facebook had said that the plan it revealed last year -- to issue reclassified Series C shares that were publicly traded but had no voting rights -- was set to allow CEO Mark Zuckerberg and his wife to more easily route money to philanthropic causes.
  • But suing shareholders feared dilution and argued that the plan would let Zuckerberg maintain voting control even if his equity control were as low as 2%. The suit is mooted with the plan dropped.
  • Meanwhile, in an SEC filing laying out the abandonment of that plan, Facebook also said that Zuckerberg "anticipates selling 35 million to 75 million shares of Facebook stock over approximately 18 months" to fund philanthropic initiatives.
  • The high end of that range, 75M shares, would sell for about $12.8B today, while Zuckerberg and wife Priscilla Chan have a fortune valued at $72.4B.
  • Late in the after-hours session, Facebook is down another 0.4% to $169.85.
  • Now read: While You Worry About Ad Load Facebook Increases Ad Inventory

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