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Facebook COO Donates Stock Worth $31 Million USD

Facebook COO Donates Stock Worth $31 Million USD

Mary Cris Balancio

Another Facebook executive is being generous on donating part of her riches to worthy causes, and that happens to be the social media's chief operating officer Sheryl Sandberg. It has just been known that Sandberg has donated 290,000 of her shares, worth about $31 million USD, to several charities.

The majority of the donations is said to go to women's empowerment groups and "Lean In," Sandberg's own nonprofit group that supports women in the workplace. Sandberg also plans to donate to anti-poverty efforts and educational groups. Currently, she is also the co-chair of the "Stand Up for Kids Campaign" for Second Harvest Food Bank of Santa Clara & San Mateo Counties.

The said donations have been revealed to the public through a document filed last Thursday with the Securities and Exchange Commission. The stock was reported to have been sold on Nov. 20 last year, and the money has been transferred to the Sheryl Sandberg Philanthropy Fund.

Originally, in 2014, Sandberg was known to have signed The Giving Pledge, a cause started in 2010 by Warren Buffet and known Microsoft couple Bill and Melinda Gates to encourage the world's affluent to give away at least half of their wealth to charitable causes. Previously, Sandberg is also known to have given more than 400,000 shares of Facebook to an unknown recipient. It is also known that she has been donating in the past, most of which has been unknown to the public.

Meanwhile, it could be recalled that Facebook Chief Executive Officer Marc Zuckerberg and wife Priscilla Chan, who have also signed The Giving Pledge, made an announcement last month about giving 99 per cent of their company shares to charity. According to the couple, it is part of their efforts to make the world a better place for their newborn daughter Maxima and the other children across the world. The shares are said to be approximately $45 billion USD.

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