It's Zuck's World We're Just Living In It

Mark Zuckerberg Makes $2.3 Billion Selling Stocks, Gives Almost $1 Billion to Charity

Somebody was visited by the Ghost of Christmas Past last night!
Happy Holiday$! (Photo: ITechBook.net)

Happy Holiday$! (Photo: ITechBook.net)

It’s a pretty good day to be Mark Zuckerberg — but it’s an even better day for the IRS.

The CEO of Facebook is selling 41.4 million shares of the company, worth $2.3 billion, Business Insider reports. This reduces his voting power to 56.1 percent from the 58.8 percent he had before.

The company expects Zuck to use most of the net proceeds to pay taxes related to his exercise of an option to buy 60 million Class B shares, BI says. But don’t feel too bad for him; the tax costs account for most of his proceeds, not all.

He also announced this morning he’s giving 18 million Facebook shares to charity by the end of the month, which accounts for almost $1 billion, as the social network’s stocks are currently trading at $55 per share. Those benefiting from the hefty donation will be his own Silicon Valley Community Foundation, BI reports, and The Breakthrough Prize in Life Science.

No matter how much cash Zuck is left with at the end of the day, we’re sure it beats a membership to the Jelly of the Month Club.

Follow Molly Mulshine on Twitter or via RSS. mmulshine@observer.com