Thursday, October 22, 2020

Phil Knight donates Nike shares worth $942 million to charity


Nike co-founder Phil Knight has donated shares in the company worth $942 million to an undisclosed charity, most likely his own foundation, the Portland Business Journal reports.

According to a Securities Exchange Commission filing made earlier this week, Knight, on September 25, “gifted 7,250,000 shares of the Issuer’s Class B common stock to a charitable organization of which the reporting person and his spouse are directors.” The Knight Foundation in Beaverton, Oregon, is the only charity known to fit that description. According to Nike’s latest proxy statement, the Knight Foundation holds $2.9 billion in Nike stock, and tax documents show that Phil and Penny Knight donated nearly $1.6 billion to the foundation in 2018, making it the largest foundation by asset size in the state.

Barron’s reports that Knight also sold eight hundred thousand Class B Nike shares valued at $100.2 million on October 2. Nike’s Class B stock had surged 28.4 percent year-to-date through Wednesday’s close, hitting an intraday record of $130.44 per share.

Source: PND

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