Alphabet Stock Surge: Sergey Brin Donates $1.1B
Google co-founder Sergey Brin has made headlines this week with a generous donation of $1.1 billion in Alphabet shares. This comes in the wake of a surge in the company’s stock value, driven by advancements in artificial intelligence. The donation, revealed through regulatory filings on Friday, includes over 3.5 million shares distributed across various charitable causes close to Brin’s heart.
The lion’s share of the donation, approximately $1 billion, will go to Catalyst4, a nonprofit organization Brin founded in 2021. Catalyst4’s mission is to support research on central nervous system diseases and find solutions to climate change. In addition to this, Brin has donated $90 million to his family foundation and $45 million to the Michael J. Fox Foundation for Parkinson’s disease research.
This is not the first time Brin has made such a generous donation. Earlier this year, he gave $700 million worth of Alphabet shares to the same organizations. The 52-year-old entrepreneur, currently ranked as the world’s fourth richest person with a fortune of $255.5 billion according to the Bloomberg Billionaires Index, has seen his net worth increase by $97.3 billion this year, thanks to Alphabet’s AI-driven stock rally.
Source: Fortune