Facebook’s COO Sheryl Sandberg donates $31 million in FB stock to charity

Facebook’s Chief Operating Officer (COO) Sheryl Sandberg has decided to donate $31 million (nearly Rs 208.79 crore) in Facebook stock to charity, days after her boss Mark Zuckerberg pledged to give away 99% of his company shares.

Sandberg, 46, donated 290,000 shares of Facebook stock at “a market value of roughly $31 million (nearly Rs 208.79 crore) ” to various charities, according to a Securities and Exchange Commission document.

The shares are now in the Sheryl Sandberg Philanthropy Fund, a donor-advised fund. Much of the money will go to causes that Sandberg has supported in the past. She has also given to women’s empowerment groups, such as Lean In to help support women in the workplace, SiliconValley.com reported on Friday.

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Sandberg also plans to give to anti-poverty efforts and educational groups. She is the co-chair of the Stand Up for Kids Campaign for Second Harvest Food Bank of Santa Clara and San Mateo Counties.

In 2014, Sandberg signed The Giving Pledge, the commitment by wealthy people to give the majority of their wealth to philanthropy in their lifetime, the report said.

In December, 31-year-old Facebook Chief Executive Officer (CEO) Mark Zuckerberg announced the birth of his first child as he and his wife pledged to give away 99% of his company shares worth a whopping $45 billion (nearly Rs 3.03 lakh crore) to make the world a “better place” for daughter Maxima and other children.