Facebook founder Mark Zuckerberg has said he will sell a large number of his company's shares that could raise upto USD 12 billion that he intends to use to fund philanthropic efforts in health and education.
Zuckerberg said he plans to sell 35 million to 75 million shares - worth up to USD 12 billion at current prices - over the next 18 months for philanthropy.
He said because Facebook is now so valuable, he can sell a smaller allotment of his stake in the company to contribute capital to his charity initiatives to help eradicate diseases and provide education to all children.
"Over the past year-and-a-half, Facebook's business has performed well and the value of our stock has grown to the point that I can fully fund our philanthropy and retain voting control of Facebook for 20 years or more," Zuckerberg wrote in a Facebook post.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)