March 13, 2019
To whom much has been given, much should be expected.
Tech tycoon Azim Premji just cemented his position as one of the world’s most large-hearted billionaires. The billionaire announced Wednesday that he has donated $21 billion to his education-focused charitable arm, the Azim Premji Foundation, The donation includes a 67% stake in his IT outsourcer, Wipro, worth $15 billion, plus assets including his stakes in consumer business Wipro Enterprises and PremjiInvest, his family office.
Premji had recently hinted to Forbes that he was planning to give away more, saying “ To whom much has been given, much should be expected.” After today’s announcement, Premji’s fortune, which was $22.6 billion, placing him at No.36 among the world’s billionaires, has reduced by 80% to $4.4 billion. Along with his family, he now owns a 7% stake in Wipro.
“ It’s an awesome gesture, “ says biotech billionaire Kiran Mazumdar-Shaw, Premji’s close friend and fellow Bangalore resident. “Azim has taken Indian philanthropy to another level. ” Mazumdar-Shaw, who’s donated $30 million to date, has committed to giving away much more; like Premji, she’s signed the Giving Pledge and has pledged to donate 75% of her wealth.
Anu Aga, another billionaire noted for her charitable activities, calls Premji “ a role model for all of us. I wish more people would follow his example.”
Read more at the source