Google co-founder Sergey Brin donates Alphabet stock worth $1.1B
What's the story
Google co-founder Sergey Brin has donated over $1.1 billion worth of Alphabet shares, following a surge in the company's stock value due to major advancements in artificial intelligence (AI). The donation, revealed through regulatory filings, includes more than 3.5 million shares to support causes close to his heart. Most of the donation, around $1 billion, will go to Catalyst4, a nonprofit organization founded by Brin himself in 2021.
Nonprofit focus
Catalyst4: Brin's nonprofit for brain disease and climate change
Catalyst4 works toward research on central nervous system diseases and climate change solutions. Apart from this hefty donation, Brin also contributed $90 million to his family foundation and another $45 million to the Michael J. Fox Foundation for Parkinson's disease research. This isn't the first time Brin has donated shares to these charities; in May, he had given Alphabet shares worth $700 million to all three organizations.
Wealth growth
Brin's wealth surge and its impact on donations
Brin, who owns a 6% stake in Alphabet, is now the world's fourth richest person with a net worth of $255.5 billion. His wealth has skyrocketed by $97.3 billion this year alone as Alphabet stock hit record highs, all driven by excitement over AI breakthroughs. The massive jump in his wealth has enabled these generous donations to various causes he cares about deeply.