Hamdi Ulukaya, the billionaire founder and CEO of yogurt maker Chobani, announced Tuesday that he is giving his entire full-time work force of 2,000 ownership stakes in the firm that could make some long-term employees millionaires, writes The New York Times. The giveaway amounts to 10 percent of the 11-year-old company when it goes public or is sold, with each employee's share based on length of tenure.
Chobani was valued two years ago at $3 billion to $5 billion; at the minimum estimate, the average worker's stake would be worth $150,000. “I’ve built something I never thought would be such a success, but I cannot think of Chobani being built without all these people,” said Mr. Ulukaya, a Turkish immigrant and Giving Pledge signer and and one of the few wealthy philanthropists to publicly champion the cause of Middle Eastern refugees.
Read a Chronicle of Philanthropy article about Mr. Ulukaya's decision to devote his giving to refugee causes.