Non-profit arts, education and youth programs are are about to get a cash infusion from Snap.
Snap and its co-founders, Evan Spiegel and Bobby Murphy, have pledged to donate up to 13,000,000 shares of Class A common stock over the next 15 to 20 years to a foundation to support arts, education and youth, the company revealed in its S-1 filing Thursday afternoon.
That amounts to about 1.2% of all shares outstanding, which could be worth more than $300 million if the company is valued at $25 billion (its last reported private valuation) when it goes public -- and a lot more than that over time if the stock goes up.
The Snap Foundation was established in February 2017, according to the filing. With this move, the co-founders are following in the footsteps of other technology leaders using their cash to help others.
Facebook CEO Mark Zuckerberg founded the Chan Zuckerberg Initiative, which focuses on science and education, with wife Priscilla Chan in 2015. Microsoft co-founder Bill Gates and wife Melinda Gates launched the Bill and Melinda Gates Foundation in 2000 with a focus on extreme poverty and improving health in the U.S. and developing countries. Both men have pledged donate more than half of their wealth over time.
