New York: Facebook founder Mark Zuckerberg is starting to make good on his promise to create a supercharged charity organization.
In December of last year, Zuckerberg moved some of his Facebook shares to the Chan Zuckerberg Initiative, a for-profit corporation whose mission is to “advance human potential and promote equality for all children in the next generation.” But this week, those Facebook (FB, Tech30) shares actually turned into cash.
The charity group made $95 million by selling 767,905 shares on Wednesday and Thursday, according to documents filed with the Securities and Exchange Commission.
It’s the first cash infusion into the charity group. Zuckerberg plans to ramp that up, as he’s already committed to transferring enough shares to the charity so that it can sell $1 billion worth of stock each year for the next three years. Zuckerberg received a great deal of attention when he made his commitment last year, which he timed to the birth of his daughter, Maxima.
But it’s not a typical charity. The Chan Zuckerberg Initiative is a curiously organized company. It’s actually a for-profit limited liability company, so it can lobby politicians to pass certain laws. Facebook declined to provide official comment.