Subway's co-founder Peter Buck left instructions in his will to donate 50 per cent of the sandwich chain to a charitable foundation, started by him and his wife in 1999, Forbes reported. He died in late 2021. The donation could be worth $5 billion or possibly more. According to a report by Wall Street Journal, the sandwich giant could be sold for more than $10 billion.
"This gift will allow the Foundation to greatly expand its philanthropic endeavours and impact many more lives, especially our work to create educational opportunities for all students, work Dr Buck cared so deeply about," Carrie Schindele, executive director of the Peter and Carmen Lucia Buck Foundation, said in a news release on Tuesday.
The news release further mentions that he wanted to give his share of Subway to the foundation more than a decade ago.
According to Forbes, if the sale of Subway takes place, it will value Buck's donation at $5 billion- one of the biggest donations to a charitable organization in one year.
This is not the first time, a billionaire has given up a stake in their company. Last year, Yvon Chouinard, the founder of Patagonia, announced he was donating his company to a trust and nonprofit group, CBS reported.
The foundation supports a variety of causes including education, journalism, medicine and land conservation. The Buck family is one of the largest landowners in Maine, with more than 1.3 million acres of timberland held through the Tall Timbers Trust.
Featured Video Of The Day
Chandigarh-Dibrugarh Train Derailment: Restoration Work Underway At The Site
China Man, 65, Hits Woman For Not Giving Him Seat In Metro, Detained Video: In Unprovoked Attack, Man Throws Flaming Liquid On Fellow New York Subway Rider Man In US Shoots "Aggressive" Subway Rider After Taking Gun Off Him During Fight Bangladesh Imposes Curfew, Deploys Military As 105 Die In Protests "Jindal Group Executive Showed Porn, Groped Me On Flight": Woman To NDTV Over 300 Indian Students Return Home As 105 Bangladeshis Killed In Protests Joe Biden Is The Best Person To Take On Trump, Says His Campaign Wife Among Two Jailed For Life For Man's Murder In Gurugram: Cops 1,100 Flights Cancelled In US As Microsoft Outage Disrupts Operations Track Latest News Live on NDTV.com and get news updates from India and around the world.