Mark Zuckerberg, the 32-year old computer programmer who is co-founder and CEO of Facebook Inc , has reduced its passive stake in the social networking giant.
A new Form 13G filed with the U.S. Securities and Exchange Commission shows that stake was dropped to 463.79 million shares at the end of 2016 from 471.87 million shares held at the end of 2015. The stake is passive by nature and is equal to 16.5% of the company’s Class A common stock.
Zuckerberg Sold Over $400 Million in Facebook Stock Last Year
During the second half of 2016, Zuckerberg sold more than $400 million in Facebook stock and used the money to help improve the world.
According to a report from Forbes, the Chan-Zuckerberg Foundation and CZI Holdings LLC, which were created by Zuckerberg and his wife Priscilla Chan created for their philanthropy and public advocacy, sold $190 million shares in October, another $190 million in October, and $95 million in November.
In a filing with the SEC last year, Zuckerberg said that he will not sell or give away more than $1 billion in stock per year through 2018.
At the end of 2015, Zuckerberg and Chan announced that they plan to give away 99% of their Facebook Inc stake, which was then worth about $45 billion, to “philanthropic, public advocacy, and other activities for the public good” over their lifetime.
Other Facebook News
In other news, consulting firm Bain & Co. believes that Facebook could find new growth opportunities in the Asia-Pacific region. According to the firm, the social networking giant could benefit from growing use of social commerce in Southeast Asia. More than 30% of e-commerce in the region takes place through social media, versus 7% in the United States.
Facebook has more than 625 million monthly active users in its Asia-Pacific region. According to eMarketer, the company’s ad revenues will grow to $33.76 billion this year. A report from the Internet Retailer’s Social Media 500 suggests that the top 500 retailers made $3.3 billion from social shopping in 2014, up 26% from 2013.
Moreover, the social media company putting its focus on consumer-to-consumer (C2C) segment. Last year, it launched a new food-delivery option on its site to allow shopping easier for more than 1.5 billion users.
Investors seem to be happy with Facebook Inc . Shares of the company’s stock are up nearly 16% year-to-date. Shares have gained nearly 14% during the last three months, and 7.7% during the past six months.