Zuckerberg says Facebook won't issue new class of stock

NEW YORK (AP) - Mark Zuckerberg said the company is withdrawing plans to create a new class of stock that would have let the him keep tight reins on the company even as he sold down his stake to fund his philanthropy.

A shareholder class-action trial over the stock reclassification in Delaware was to start next week. An attorney representing Facebook said the trial has been canceled.

Zuckerberg and his wife, Priscilla Chan, have committed to donating 99 percent of their wealth in their lifetimes.

The billionaire CEO said in a Facebook post Friday that the couple plans to accelerate their work and sell more Facebook shares, sooner. He said he can fund the philanthropy while keeping voting control of Facebook for "20 years or more."