NEW YORK - Facebook (FB) is withdrawing a controversial plan to create a new class of non-voting stock that would have cemented his control of the company even has he sold off shares to fund his philanthropy.
In a post on the social media site, Facebook co-founder and CEO Mark Zuckerberg said that the company's stock price has risen enough so that he and his wife, Priscilla Chan, can fully fund their philanthropic endeavors while also retaining voting control "for 20 years or more."
A shareholder class-action trial over the stock reclassification in Delaware was to start next week. An attorney representing Facebook says the trial has been canceled.
Zuckerberg and his wife have committed to donating 99 percent of their wealth in their lifetimes. He said the couple now plan to sell more of their stake in Facebook to accelerate their charitable work.
"I anticipate selling 35-75 million Facebook shares in the next 18 months to fund our work in education, science, and advocacy," he wrote.
Zuckerberg and Chan last year committedto accelerate scientific research.