Phil Knight Just Gave $1 Billion of Nike Shares to Philanthropy
(Bloomberg) -- Nike Inc.’s Phil Knight donated almost $1 billion of the apparel maker’s stock to a charitable organization this week.
Knight, 80, Nike’s founder and chairman emeritus, gave 12 million shares, according to a regulatory filing that didn’t identify the beneficiary beyond noting that he and his wife Penelope are directors of the entity.
The Knights previously contributed hundreds of millions of dollars to the University of Oregon and Stanford University.
The latest donation -- worth $990 million when it was made Wednesday -- represents about 0.7 percent of the company’s outstanding shares and 3.1 percent of his $32 billion fortune, according to the Bloomberg Billionaires Index, a ranking of the world’s 500 richest people.
It’s the latest example of mega-philanthropy. Last year Bill Gates donated $5 billion of Microsoft Corp. shares to his foundation, while Warren Buffett gave $3.4 billion to charity in July. Last month, Jeff Bezos, the world’s richest person, pledged $2 billion toward preschool programs in low-income communities and providing food and shelter for homeless families.
Beaverton, Oregon-based Nike didn’t immediately reply to a message seeking comment.
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