Mark Zuckerberg is getting ready to sell up to $US12.7 billion in Facebook stock

Facebook founder and CEO Mark Zuckerberg. Photo: Justin Sullivan/ Getty Images.

Facebook CEO Mark Zuckerberg will sell up to 75 million shares of Facebook over the next 18 months, he said in a post on Friday. 

At the current Facebook share price of $US170, that means Zuckerberg could sell up to $US12.7 billion in Facebook stock. 

He could also sell as few as 35 million shares of Facebook, which would work out to just under $US6 billion in Facebook stock. 

Zuckerberg is selling some of his shares in the company he founded to fund the Chan Zuckerberg Initiative, the philanthropic organisation he formed in late 2015. 

He also announced that Facebook is withdrawing a proposal to reclassify its stock to create a class of non-voting shares. He explained that because Facebook’s share price has increased recently, he can sell some of his stock and continue to retain control of the company he founded. 

Zuckerberg plans to give away 99% of his Facebook shares during his lifetime, valued at about $US70 billion.

Here’s his full note: 

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.