Online retail magnate Matt Moulding has given his real estate profits to charity.
The billionaire floated his company, The Hut Group, for £4.5bn in September and then watched its value rise to £8bn.
The £100m worth of THG shares donated to the Moulding Foundation, which helps victims of domestic violence and homelessness primarily in the north of England, is the equivalent of “100 years of future profits” from his property interests, the company said.
Moulding was set to earn millions in rents from the company after he transferred the ownership of its properties to his own vehicle prior to the listing, effectively becoming its landlord as well as majority stake holder, chair and chief exec.
Moulding is believed to have decided on the donation after meeting with Sir Tom Hunter and Bill Gates.
