What Mark Zuckerberg’s pledge to give away 99% of his Facebook shares will do to his wealthComments Off on What Mark Zuckerberg’s pledge to give away 99% of his Facebook shares will do to his wealth
Facebook founder Mark Zuckerberg joined an elite list of philanthropists when he pledged to give away 99% of his Facebook shares, but what will the gesture mean for his personal wealth?
Going by Facebook’s current stock market price, the donation, which will be made through the Chan Zuckerberg Initiative, is valued at around $45 billion (£30 billion).
The 1% he will keep hold of is worth roughly $450 million and is expected to increase in the future.
Shares in Facebook have climbed more than 180% since their market value in 2012 and most analysts have a “buy” on the stock, meaning they expect further gains.
When it comes to cash, Zuckerberg isn’t short either.
Though like other big tech chief executives he gets a basic salary of $1 a year, he’ll also usually get a few hundred thousand dollars a year more in company benefits.
He’s also made some money cashing in Facebook shares.
When Facebook went public in 2012, Zuckerberg sold 30.2 million shares for a total of $1.13 billion.
Then in 2013, Zuckerberg cashed in some of his share options to the value of $3.3 billion.
At the time, Facebook said the cash would go on private jets needed for security reasons and to pay his tax bills.
The former Harvard student also has a burgeoning property portfolio.
Zuckerberg has spent $10 million on a house in the Dolores Heights part of San Francisco and last year he was rumoured to have spent $200 million or more on land in Kauai, the smallest of the Haiwaiian Islands.