Facebook CEO Mark Zuckerberg sold around 1.6 million Facebook shares worth about $ 296 million this month, the first time Zuckerberg has sold share since April, according to a CNBC report. He has not sold any shares since April before the August sales explosion. In total this year, Zuckerberg sold 2.9 million shares, valued at $ 526 million.
According to the businessinsider, although the stock dump may sound dramatic, Zuckerberg is still well below the total he sold last year, when he sold $ 28.9 million for more than $ 5.3 billion.
Zuckerberg has said in the past that he was giving up Facebook share to pay for his charity efforts to his wife Priscilla Chan.In September 2017, he announced on a Facebook site that he expected to sell between 35 and 75 million shares in an 18-month period for this purpose. Facebook was around $ 170 at the time, making its target between $ 6 billion and $ 13 billion.