Nike Co-Founder Phil Knight Gives $400 Million to Stanford University

Nike co-founder and chairman Phil Knight is donating $400 million to a scholarship program at Stanford University, NBC News reported.

Knight graduated from Stanford with an MBA in 1962 and is now worth $25.7 billion, according to Forbes. He is teaming up with the college's outgoing president, John L. Hennessy, for the Knight-Hennessy Scholars Program, Stanford announced Tuesday.

His gift is the largest from any individual to Stanford, surpassing the $100 million given by website investor Robert King and his wife, Dorothy, in 2011. 

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