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April 22, 2016

Phil Knight to Pledge Most of $25 Billion Fortune to Charity

Retail mogul Phil Knight intends to give away most of his estimated $25 billion fortune, The Oregonian reports, citing a television interview to air this weekend. "By the time, you know, the lives of my children and their kids run out, I will have given most of it to charity," the Nike co-founder told CBS Sunday Morning.

Mr. Knight and his wife, Penny, have given more than $1 billion to support health care, higher education, and other causes, primarily in his home state of Oregon. In February he donated $400 million to Stanford University to establish a scholars program for graduate students. He announced last summer that he intends to step down as Nike’s chairman this year.