Facebook COO Sheryl Sandberg has donated 290,000 shares of Facebook stock which has a market value of approx. $31 million to different charities. The information was reported by Securities and Exchange Commission’s document which was filed on Thursday. The Facebook shares were transferred to Sheryl Sandberg Philanthropy Fund, the fund that is controlled and steered by Sheryl Sandberg. The Facebook shares were originally transferred on November 20th, 2015 but were disclosed on January 15th, 2016.
According to a source familiar with Sandberg’s plans, it was told that the majority of the $31 million will go to women’s empowerment groups and Lean In, the nonprofit founded by Sandberg to help support women in the workplace. Sandberg also signed The Giving Pledge back in 2014, the commitment by the world’s hyper-wealthy to “dedicate the majority of their wealth to philanthropy” over their lifetime. Facebook CEO and Co-Founder Mark Zuckerberg and wife Priscilla Chan have also signed the pledge. Sheryl now enjoys tax benefits too as a result of her extremely generous donations.