This morning, Mark Zuckerberg announced plans to give 18 million Facebook shares to charity by the end of the month.
Facebook is currently trading at $US55 per share, so Zuckerberg’s gift is worth just under $US1 billion.
2013 was a year in which there was a serious backlash against the idealism of Silicon Valley.
And yeah, the industry does deserve some flack for talking about changing the world with iPhone games and photo-sharing apps. And sure, you can see why people in San Francisco might protest over Google buses using public bus stops.
It all adds up to a sense, recently articulated by Business Insider’s Jim Edwards, that Silicon Valley is living inside a bubble of tone-deaf arrogance.
Zuckerberg is giving his shares away as part of a secondary stock offering from Facebook.
Reuters says Zuckerberg will sell 41.4 million shares, reducing his voting power in the company from 58.8% to 56.1%.
Other insiders selling include board member Marc Andreessen, who will sell 1.65 million shares.
Facebook is selling 27 million.