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SurveyMonkey’s inventory rose sharply in its inventory market debut Wednesday, and that is excellent news for Sheryl Sandberg’s charitable group.
Sandberg, the chief working officer of Fb, pledged earlier this yr to donate the proceeds from the IPO of SurveyMonkey’s guardian firm, SVMK.
SurveyMonkey (SVMK) shares opened for buying and selling at $18.75 — a 56% enhance over the IPO worth — and rapidly rose as excessive as $20. At that worth, Sandberg’s stake within the firm was value greater than $206 million.
Sandberg joined SVMK’s board after her husband Dave Goldberg, who ran the corporate, unexpectedly died whereas on trip in 2015. She owns 10.three million shares, a 9.9% stake in SurveyMonkey.
She plans to donate the shares (or the proceeds from a sale of the inventory) to the Sheryl Sandberg and Dave Goldberg Household Basis.
The donation is a part of Sandberg’s dedication to the Giving Pledge, the charitable marketing campaign based by billionaires Warren Buffett and Invoice and Melinda Gates.
Representatives from SurveyMonkey, Fb (FB) and Sandberg’s LeanIn.Org nonprofit group weren’t instantly out there to remark about whether or not Sandberg bought her shares and would donate proceeds from the sale or present the inventory.
SurveyMonkey has a number of different highly effective backers. Tennis famous person Serena Williams and Intuit (INTU) CEO Brad Smith additionally serve on the board and are traders within the firm.
CNNMoney (New York) First printed September 26, 2018: 12:01 PM ET
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