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Zuckerberg Will Sell Shares To Fund Philanthropy

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Mark Zuckerberg, the chairman of Facebook Inc., has abandoned his plans to create a new class of company stock or class C no voting stock to fund the Chan Zuckerberg Initiative. The company’s profits over the past year have increased to a level that allows the founder to fund his philanthropic foundation and retain voting control without issuing a new nonvoting class of stock.

Zuckerberg announced his plans to issue nonvoting shares in April last year to keep founder control of Facebook and “resist the short term pressures that often hurt companies.” His decision was met with harsh criticism and a lawsuit was filed by Sjunde AP-Fonden, a Swedish national pension fund and The Amalgamated Bank. The lawsuit claimed Zuckerberg should have to pay for the right to retain control while selling stock and his decision could dilute the decision making powers of the other investors.

In a Facebook post earlier today, Zuckerberg announced Facebook’s business has performed well, allowing him and his wife Priscilla to continue their pledge to give away 99% of their shares to charity. According to the post, even smaller allotments of his stake in the company can deliver plenty of capital to the Chan Zuckerberg Initiative (CZI.) The philanthropy aims to help eradicate disease and deliver personalized education to all children. Emphasizing his decision to give away the majority of his shares, Zuckerberg added that over the next 18 months he planned to sell 35 million to 75 million shares of Facebook. According to current market price, 35 to 75 million shares of Facebook could raise close to $13 billion for the charity.

Currently, the founder and CEO owns more than 400 million shares of Facebook which amounts to a minimum of $ 68.2 billion. Zuckerberg will have the power to shape Facebook’s decisions for the foreseeable future and continue to make bold or counter intuitive decisions without shareholder interference for the next 20 years.

Read the complete Facebook post here.

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PhonePe’s PINCODE Launches 10-Minute Medicine Delivery in Cities

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PhonePe

PhonePe’s PINCODE app has launched a 24×7 online medicine delivery service in Bangalore, Mumbai, and Pune, promising delivery of both prescription and over-the-counter medicines within 10 minutes from nearby local medical shops. Unlike conventional e-pharmacies that use dark stores, PINCODE partners exclusively with neighborhood pharmacies, enabling faster deliveries and supporting local businesses in the digital economy.

Customers without prescriptions can select a “no prescription” option when ordering; a qualified doctor then provides a free teleconsultation and issues a digital prescription compliant with telemedicine guidelines, ensuring seamless access to medicines. The app offers competitive pricing by passing discounts from local pharmacies directly to customers and charges no delivery fees.

PINCODE’s hyperlocal model enhances healthcare accessibility and convenience while empowering local pharmacies, helping them remain integral to their communities and stimulating local economic growth. Launched in 2023, the app focuses on quick commerce with an emphasis on speed, reliability, and supporting local sellers.

In summary, PhonePe’s PINCODE app is transforming medicine delivery in major Indian cities by combining ultra-fast 10-minute delivery, free doctor consultations, and a hyperlocal sourcing model that benefits both consumers and neighborhood pharmacies.

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Piyush Anchliya Joins Cashfree as CFO Amid Fintech Boom

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Cashfree Payment - StartupStories

Cashfree Payments has appointed Piyush Anchliya as its new Chief Financial Officer (CFO), effective April 15, 2025. Anchliya brings over 15 years of experience in investment banking, corporate finance, strategy, and mergers and acquisitions, with senior roles at Barclays, Bandhan Group, and most recently as CFO of Bandhan AMC. He holds an MBA from IIM Ahmedabad and a B.Tech. from IIT Kharagpur.

In his new role, Anchliya will lead Cashfree’s financial strategy, optimize operations, and support the company’s next growth phase. He will report to CEO and Co-founder Akash Sinha, who highlighted Anchliya’s expertise as vital for sustainable scaling and strengthening the company’s financial foundation. Anchliya succeeds outgoing CFO Vikas Guru, who will assist during the transition.

Founded in 2015, Cashfree Payments processes over $80 billion annually for more than 800,000 businesses. The company recently raised $53 million in funding led by KRAFTON and Apis Growth Fund II and secured key RBI licenses, positioning it for accelerated growth in India’s fintech sector. Anchliya’s appointment comes at a pivotal time as Cashfree aims to expand its leadership in digital payments.

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Flipkart’s Jeyandran Venugopal Likely to Join Reliance Retail as CEO

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Flipkart - StartupStories

Jeyandran Venugopal, the outgoing Chief Product and Technology Officer of Flipkart, is set to become the CEO of Reliance Retail Ventures (RRV), the retail arm of Reliance Industries. His appointment, expected to be finalized in May after his exit from Flipkart, signals Reliance’s push to strengthen its retail business with a technology-first approach.

Venugopal brings extensive experience from leading roles at Flipkart, Myntra, Yahoo, Snapdeal, and Amazon, where he focused on scaling technology platforms and driving innovation. At Flipkart, he managed product, engineering, data science, and more, helping build robust systems and improve user experience.

His move comes as Reliance Retail undergoes transformation, including cost-cutting and a renewed focus on digital growth. Venugopal’s leadership is expected to accelerate Reliance’s ambitions in omnichannel and tech-driven retail, positioning the company for continued dominance in India’s evolving market.

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