The donation could be worth $5 billion or possibly more
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.