Zuckerberg said in a Facebook post on Friday afternoon that he chose to ask his company’s board of directors to drop the plans, which the board first announced last April. “I want to be clear: this doesn't change Priscilla and my plans to give away 99% of our Facebook shares during our lives,” Zuckerberg added. Since Zuckerberg announced his philanthropic pledge and the creation of CZI nearly two years ago on Dec 1, 2015, Facebook stock price has climbed 63% to $170.54 a share, as of the markets close on Friday. At that time, 9.3 million Facebook shares were worth $1 billion; today 5.9 million Facebook shares are worth the same amount, and Zuckerberg plans to sell at minimum nearly six times that amount in the next year and a half. Grant was set to cross- examine Zuckerberg and other Facebook board members at the trial.

Source: Forbes September 22, 2017 22:13 UTC