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SurveyMonkey’s stock price surged in its debut on Wednesday, which is good news for Sheryl Sandberg’s charity.
Facebook COO Sandberg earlier this year pledged to donate proceeds from the initial public offering of SurveyMonkey parent company SVMK.
Survey Monkey (SVMK) The stock opened at $18.75, up 56% from the IPO price, and quickly rose to $20. At that price, Sandberg’s stake in the company is worth more than $206 million.
Sandberg joined the SVMK board after her husband, Dave Goldberg, who ran the company, died unexpectedly while on vacation in 2015. She owns 10.3 million shares, or 9.9% of SurveyMonkey.
She plans to donate the shares (or proceeds from the sale of the shares) to the Sheryl Sandberg and Dave Goldberg Family Foundation.
The donation is part of Sandberg’s commitment to the Giving Pledge, a philanthropic campaign launched by billionaires Warren Buffett and Bill and Melinda Gates.
Dear SurveyMonkey Representative, Facebook (FB) Sandberg’s LeanIn.Org nonprofit did not immediately comment on whether Sandberg would sell her stock and whether she would donate the proceeds from the sale or give away the stock.
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SurveyMonkey has several other strong backers.Tennis superstar Serena Williams and Intuit (Yingtu) CEO Brad Smith also sits on the board of directors and is an investor in the company.
CNN Business (New York) First published September 26, 2018: 12:01pm ET