Nike Co-Founder Phil Knight Donates $1 Billion of Shares!
From little acorns do mighty oaks grow, as the saying goes! From humble beginnings peddling sneakers out the back of a Kombi at track meets, Nike co-founder Phil Knight helped turn the fledgling sportswear brand into the world's biggest, with an annual revenue in excess of $36 billion!
Knight himself has naturally profited handsomely from the brand's success, but now he's giving back to the more needy, donating 12 million company shares, worth a staggering $990 million dollars at the time of the donation, to an unidentified charitable organisation.
The donation represents 0.7 per cent of Nike's outstanding shares and 3.1 percent of Knight's own personal $32 billion fortune.
The specific charitable organisation to receive the overwhelmingly generous donation was not identified by name in regulatory paperwork regarding the transfer of ownership, but it did specify that Knight and his wife Penelope are the directors of the entity.