Nike co-founder and Chairman Emeritus Phil Knight donated more than $900 million to the Knight Foundation, which he established in 1997 with his wife, Penelope .
Knight, 82, donated 7.25 million shares of Nike Class B stock to an unnamed charity late last month, according to a document filed with the Securities and Exchange Commission (SEC) earlier this week. The stocks were valued at $900.8 million at the time of donation, when the stock price stood at about $124 per share.
The Knight Foundation was the beneficiary of the donation, according to The Chronicle of Philanthropy. A call to the foundation was directed to Nike, where a spokesperson said that Phil Knight would not be commenting. Nike’s Class B stock has been surging as the company’s earnings are benefiting from a trend to work out at home. The publicly traded Class B stock has risen approximately 29% year to date, closing at $130.98 per share on Friday.
According to the SEC filings, Knight now owns 3,335,687 Class B shares in a personal account in addition to 31.4 million Class A Nike shares as of July 17. He has a net worth of $44 billion, by Forbes’s estimates.
Most of the Knight and his wife’s large donations through the foundation have been directed to the University of Oregon, Knight’s alma mater. Since 2007, they have donated at least $800 million to the university, mainly supporting scientific research and athletic programs, according to published reports. Additionally, the foundation has donated $725 million to Oregon Health & Science University since 2008 for cancer research. The Knights have also donated more than $505 million to Stanford University, where Phil Knight earned an MBA from the business school in 1962, according to published reports.
Article source: Barrons