Home TECH & SCIENCE Sheryl Sandberg donated $100 million of Facebook stock to her nonprofits and...

Sheryl Sandberg donated $100 million of Facebook stock to her nonprofits and other charities

She is making massive donations an annual tradition.

Facebook COO Sheryl Sandberg has transferred 590,000 shares of Facebook stock, worth just under $100 million, to a special fund she uses for charitable donations, according to a document filed Thursday with the Securities and Exchange Commission.

The shares, which were donated at the end of July, are now part of a donor-advised fund controlled by Fidelity, that lets Sandberg push the money toward organizations or causes she cares about, according to a source familiar with her plans.

That includes two philanthropies Sandberg founded: LeanIn, a nonprofit focused on female empowerment; and Option B, a nonprofit helping people overcome grief and adversity. Sandberg founded Option B following the death of her husband, Dave Goldberg, in 2015.

The Sheryl Sandberg and Dave Goldberg Family Foundation, the umbrella organization for both nonprofits, will be one of the major recipients of this money, according to this source.

Sandberg has made major donations like this an annual affair. She donated $100 million worth of Facebook stock to her fund in late 2016, and another $31 million earlier that same year.

The donations have all been part of Sandberg’s commitment to The Giving Pledge, according to a source. The Giving Pledge asks wealthy individuals to donate the majority of their wealth to philanthropic causes. Sandberg and Goldberg signed the pledge in 2014.

Sandberg’s net worth is more than $1.6 billion, according to Forbes.

In addition to LeanIn and Option B, some of the money will go toward other causes, like ending childhood hunger. Sandberg has donated to Second Harvest Food Bank in the past, where she is involved in efforts to end childhood hunger. Some of the money will also be used to help fund college tuition for students with disadvantaged backgrounds, according to a source.

Sandberg is not the only Facebook executive selling shares for charitable causes. CEO Mark Zuckerberg and his wife Priscilla Chan are also spending billions through their Chan Zuckerberg Initiative on education and health care initiatives.

Microsoft founder Bill Gates has also been generous this summer: He donated $4.6 billion worth of Microsoft shares to his own foundation.


Leave your vote

89 points
Upvote Downvote

Total votes: 0

Upvotes: 0

Upvotes percentage: 0.000000%

Downvotes: 0

Downvotes percentage: 0.000000%