Mark Zuckerberg is divesting Meta Platforms Inc. (NASDAQ:META) stock for the first time in two years, a move spurred by the social media giant’s rapid recovery from the challenges of a tumultuous 2022.

Entities connected to Zuckerberg, including his trust and those handling his charitable and political contributions, have sold around 682,000 shares valued at nearly $185 million in November through trading plans. This marks the first instance of entities overseeing Zuckerberg’s wealth selling shares since November 2021, as disclosed in the latest regulatory filings on Wednesday, according to data compiled by Bloomberg.

Meta experienced a remarkable 172% surge in value this year through the end of November, surpassing major U.S. tech companies except for Nvidia Corp. This robust performance has enabled Zuckerberg to optimize returns for his endeavors beyond Meta, including ventures in venture capital, scientific research, and impact investments.

Despite regularly divesting blocks of Meta stock over the past decade, Zuckerberg refrained from selling any shares in 2022. This decision coincided with catastrophic quarterly results that led to one of the most substantial one-day stock declines and Meta’s worst annual performance since its initial public offering in 2012.

Meta’s stock is now approaching the record highs set in 2021 when Zuckerberg, along with his charitable foundation, the Chan Zuckerberg Initiative, sold over $1 billion worth of shares in the Menlo Park, California-based company. According to the Bloomberg Billionaires Index, the 39-year-old still retains about 13% of Meta, constituting almost the entirety of his $117.7 billion fortune.

Zuckerberg and his wife, Priscilla Chan, 38, have previously committed to allocating 99% of their wealth to philanthropic causes throughout their lifetimes, focusing on areas such as promoting equality and finding cures for diseases. Over half of the recent Meta stock sales were from shares controlled by their namesake foundation.

A smaller portion of the recent selling activity, approximately $19 million, was directed to the advocacy arm of the Chan Zuckerberg Initiative. This organization has supported initiatives to mobilize voters and advance immigration reform.

Earlier this year, the Chan Zuckerberg Initiative pledged $250 million to establish a biomedical research hub in Chicago. It has also backed efforts to address the housing shortage in the San Francisco Bay area and made early-stage investments to train software developers in Africa.

Founded in 2015, the Palo Alto, California-based foundation boasts net assets of about $6.3 billion and is jointly led by Zuckerberg and Chan, according to the latest filings. Meta’s stock has risen over 200% since the couple pledged eight years ago to donate a significant portion of their fortune.

Featured Image: Unsplash @ Julio Lopez

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