Mark Zuckerberg is set to sell a large number of Facebook shares over the next 18 months in sales that would be worth between $6 billion and $12.8 billion based on the stock’s current price.
The intention to sell between 35 million and 75 million shares was disclosed in a Facebook securities filing late Friday.
Proceeds of the sale will go “to fund the philanthropic initiatives of Mr. Zuckerberg and his wife, Priscilla Chan,” the filing said.
The company also said it would scrap a plan to create a new class of shares that would have allowed Zuckerberg to keep a majority of voting control in the company even if his actual ownership stake was far less.
Investors had sued to stop that plan, but the case was settled on Friday. Zuckerberg had been scheduled to testify in the case next week.
Facebook shares closed Friday at $170.54 a share. The stock slipped slightly in after-hours trading after the filing was disclosed.