For the second time in a month, Facebook CEO Mark Zuckerberg and his wife, Priscilla Chan, have sold shares in the company to fund their philanthropic initiatives, Forbes reports.
According to regulatory findings, the Chan Zuckerberg Foundation and CZI Holdings LLC sold 755,239 Facebook shares in the first week of September, after selling more than 760,000 shares in mid-August. The latest sale likely generated an additional $85 million after capital gains taxes, which CZI Holdings is required to pay as a limited liability company.
Zuckerberg and Chan, who signed the Giving Pledge in 2010 and launched the Chan Zuckerberg Initiative in December, have pledged to donate 99 percent of their Facebook shares — valued at more than $45 billion at the time of their announcement — to CZI Holdings. The couple also stated in a filing at the time that they planned to sell or donate up to $1 billion in stock every year through 2018.
This week, CZI, in partnership with Sequoia Capital, Sofina SA, Lightspeed Venture Partners, and Times Internet Ltd., made its first investment in Asia, as part of a $50 million funding round for Bangalore-based education technology startup Byju's, the Economic Times reports. The company will use the funds to expand into global markets, especially in the U.S. and UK, and add new subjects to its app-based learning program beyond physics, chemistry, biology, and mathematics. 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.
"Education can give young people and their families a path to a better future, and families in India work hard to give their children that chance," said Vivian Wu head of Zuckerberg Education Ventures, who will join Byju's board, in a statement. "BYJU's represents an opportunity to help even more students develop a love for learning and unlock their potential."