Zuckerberg, Chan Sell Facebook Shares Valued at $95 Million

Facebook CEO Mark Zuckerberg and his wife, Priscilla Chan, have sold shares in the company valued at $95 million to fund their philanthropic initiatives, Bloomberg and Forbes report.

According to a regulatory filing made last week, Chan Zuckerberg Initiative Holdings LLC and the Chan Zuckerberg Foundation sold more than seven hundred and sixty thousand shares of Facebook stock. Forbes reports that the sales likely netted more than $85 million after capital gains taxes, which CZI Holdings is required to pay because it is a limited liability company and not a tax-exempt foundation.

Zuckerberg and Chan, who signed the Giving Pledge in 2010 and launched CZI last December, have pledged to give 99 percent of their Facebook shares — valued at more than $45 billion at the time of their announcement — to the LLC. Bloomberg notes that Facebook stock has gained more than 15 percent since December.

CZI made its first major investment in June, leading a Series B funding round for Andela, a Nigerian startup company that trains software developers who then work remotely for Fortune 500 companies and startups around the world.