We’ve all heard of generous donations to colleges and universities, but Dr. Amar Bose’s recent endowment to Massachusetts Institute of Technology is a doozie. Bose, an MIT alum and former faculty member, has given the school the majority of shares in the audio technology company he founded in 1964, Mashable reports. The school’s shares are non-voting and cannot be sold, nor does MIT get a say in the company’s operations. Still, majority share in the privately held tech firm, whose revenues are reportedly $2 billion (yes billion!), is no small change.
Bose, a serious multi-tasker, received his bachelor’s, master’s and Ph.D. in electrical engineering, taught at MIT from 1956 to 2001, and launched a startup that would come to symbolize elegant audio technology.
According to a statement on MIT’s website, “MIT will receive annual cash dividends on those shares when dividends are paid by Bose Corporation; those cash dividends will be used by MIT to sustain and advance MIT’s education and research mission.” Read more from Mashable.