CXMT’s founder is giving 40% of his new fortune to his workers
Zhu Yiming got about $10bn richer on Monday. He has promised to give roughly $5.6bn of it away, and not to charity.
The chairman of CXMT saw his fortune climb nearly 300% to $13.9bn when the memory chipmaker closed its Shanghai debut up 466%, according to the Bloomberg Billionaires Index. About 40% of that is earmarked for his employees, Bloomberg reported.
The promise is not new. It is the price tag that is.
What he actually pledged
Zhu committed the shares in CXMT’s IPO prospectus in May, well before anyone knew what Monday would do. He promised to transfer 767.9 million shares into employee incentive programmes.
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At the debut close of 49...
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