Mark Zuckerberg Sold Facebook’s Shares Worth $296 Million In August: Reports

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Mark Zuckerberg Sold Facebook’s Shares Worth $296 Million In August: Reports

Facebook along with other social networks has been a target of privacy policy issues for a long long time. Mark Zuckerberg faced negative comments about the negligence of the user’s privacy. There had been a ton of cases where the user’s information was used without their consent.

Mark Zuckerberg was summoned in the court and was asked to pay a hefty sum as the fine. He was supposed to pay $ 5 billion for the company’s carelessness towards the user’s benefits.

Amidst all this, Mark Zuckerberg had not sold Facebook’s shares since the month of April. Suddenly, out of nowhere, he sold his shares in August.

Reports suggest that a total of 1.6 million shares were sold off which made the company gain a total of $ 296 million in a month.

If we look at the history of 2019, a total of 2.9 million shares were sold off, constituting a total amount of more than over $ 526 million in less than a year.

Back in the year 2018, Mark Zuckerberg had sold off a whopping 28.9 million shares of Facebook, gaining more than $ 5.3 billion for the company. Although, it is quite not clear as to why Mark Zuckerberg has been selling off so many shares, earning hefty sums of money yet it is suspected to be like the last year.

Mark Zuckerberg poured all his profit into Chan Zuckerberg initiative, a joint initiative by Mark and his wife Priscilla Chan, in 2018. It is possible that it would repeat again in 2019.

After selling off so many shares, the 35-year-old, Mark Zuckerberg owns around 375 million shares of Facebook, which leaves him with $ 68 billion. Thus, Mark Zuckerberg is ranked the fifth richest person all over the world. The rest four are Jeff Bezos, Bill Gates, Bernard Arnault, and Warren Buffet, respectively.

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