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Facebook COO donates nearly $100 mn to charity

IANS  |  New York 

Chief Operating Officer (COO) Sheryl Sandberg has transferred nearly $100 million in stock into a charitable fund, a US Securities and Exchange Commission document has revealed.

According to a report in the technology website Re/code on Wednesday, 880,000 shares were transferred into a donor advised fund which is controlled by Fidelity.

"Sandberg has the chance to steer the money where she wants it," the report added.

The fund includes women's empowerment groups like Lean In (founded by Sandberg), anti-poverty organisations like Second Harvest Food Bank and grief organisations like Kara.

Sandberg has also filed paperwork to rename her current foundation the "Sheryl Sandberg & Dave Goldberg Family Foundation" after her late husband who died about 18 months ago.

The non-profit foundation will serve as an umbrella organisation for both LeanIn.org and a new one Sandberg is starting called OptionB.org which is intended to help people cope with loss and hardship.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 01 2016. 12:10 IST
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