LinkedIn co-founder and executive chairman Reid Hoffman, who also sits on the board of online game provider Zynga, has allocated a portion of the Zynga shares he owns in a trust with his wife, Michelle Yee, to a donor-advised charitable fund, The Street reports.
According to a Securities and Exchange Commission filing made after the close of trading on New Year's Eve, Hoffman allocated 2,422,114 Zynga shares — valued at about $9.2 million and owned indirectly by a trust he established with Yee — to a Fidelity Charitable donor-advised fund. It could not be determined what causes Hoffman and Yee plan to support with the funds they have set aside, The Street reports, but the filing states that Hoffman "retains sole voting and dispositive power" over the shares in the trust.
Like other donor-advised fund programs, the Fidelity Investments Charitable Gift Fund enables donors to set aside money for charity and receive an immediate tax benefit while minimizing their paperwork. A recent Los Angeles Times article noted that the rising popularity of DAFs has some critics concerned about the wealthy parking their assets in DAFs for years at a time and the effect that might have on fundraising by frontline service providers.