Snap Inc., is not only concerned with its business ambitions but is also committed to fulfilling its social responsibility. While the company detailed about finances and user engagement for its IPO, there are other new plans brewing around the corner. Snap’s co-founders, Evan Spiegel and Bobby Murphy, have pledged to donate up to 13 million shares of Class A common stock over the next 15 to 20 years to Snap Foundation.
Snap Foundation is an organization supporting non-profit arts, education and youth programs established by the company, this February only. The company has not yet unveiled which charities will be benefitted from the foundation. Moreover, it’s still to detail out who will be heading the operations for this institute.
The company talked about its foundation in the S-1 filing for its IPO. Though the exact contribution won’t be known until the company begins trading as a public company, the said shares will account for 1.2% of all shares outstanding. Further, these shares are worth more than $300 million. However, Snapchat is presently valued at an impressive valuation of over $25 billion.
The S-1 filing which shed light on the details of Snap Foundation reads,
In February 2017, we established the Snap Foundation, After this offering, we and our co-founders have each pledged to donate up to 13,000,000 shares of our Class A common stock to the Snap Foundation over the course of the next 15 to 20 years. We anticipate that the proposed programs of the Snap Foundation will support arts, education, and youth.
Snap Inc’s board of directors has already approved the potential pledge on January 27. It is not the first time the company’s philanthropic interests have come to be noticed. Previously, it contributed funds for AIDS research in partnership with (RED) in Venice, California. It is known for its stances and contributions towards social issues for a long time now.
Other techies known for their social engagement include Facebook CEO Mark Zuckerberg who set up the Chan-Zuckerberg Initiative. This initiative focuses on the advancement of science and education system. Microsoft’s endeavors are also appreciated across the globe as co-founder Bill Gates and wife Melinda Gates together the widely recognized Bill and Melinda Gates Foundation. It directs grants with regards to poverty and improving health in the U.S. and developing countries.