Phil Knight Donates Nearly $1 Billion Of Nike Shares To Charity

Nike Inc. co-founder and chairman emeritus Phil Knight has reportedly donated 12 million shares Nike shares, or practically $1 billion value, to an unnamed charitable group, based on reviews.

Knight, 80, and his spouse Penelope have been lively philanthropists through the years, donating tons of thousands and thousands to the University Oregon and Stanford University, the 2 colleges the place Knight went to varsity and graduate college. According to reviews, Knight’s newest donation — value $990 million when it was made Wednesday — represents about zero.7%  the corporate’s excellent shares and three.1% his $32 billion fortune.

Earlier this 12 months it was introduced that Netflix has optioned the film rights to Nike founder Phil Knight’s autobiography “Shoe Dog.” According to Variety, Knight will produce with Frank Marshall, whereas Scott Alexander and Larry Karaszewski have reportedly signed on to put in writing the screenplay. 

“Shoe Dog,” which was revealed in April, 2016, and stays on the New York Times Best Seller record, will take viewers by Knight’s journey, beginning together with his humble beginnings in Oregon to the launch Nike in 1963 and the corporate’s meteoric rise to the highest the athletic footwear and way of life area. 

Nike Shares Drop Following Colin Kaepernick Ad Backlash: Report

Tens thousands people are threatening to boycott Nike in response to their recent ad campaign featuring free agent quarterback Colin Kaepernick along with the quote: “Believe in something. Even if it means sacrificing everything.” As a result the print ad, #NikeBoycott is one the top trends on social media as people continue to upload videos themselves burning their own Nike gear. 

For instance: 

According to reports, Nike shares were marked 2.5% lower in the opening minutes trading on Wall Street, the biggest decline since July 3. It’s worth noting, several other apparel brands also saw their shares drop, including Adidas. As industry analyst Matt Powell notes, Nike will be just fine without those disgruntled consumers who are burning their Nike Air Monarchs.

On the other hand, GlobalData Retail’s Neil Saunders believes the campaign will harm Nike in Middle America, where it is battling Adidas for dominance in the sneaker market. “The company’s stand may go down well on its native West Coast; it will be far less welcome in many other locations,” he said, according to the New York Post.