Bebop Executive to Give Alphabet Shares to Charity

Bebop Executive to Give Alphabet Shares to Charity

Diane B. Greene, co-founder of a startup recently acquired by Google's parent company Alphabet, will donate shares worth an estimated $148.6 million to charity, reports.

According to a recent with the Securities and Exchange Commission, Alphabet purchased Greene's startup Bebop Technologies, a development platform that makes it easy to build and maintain enterprise applications, with shares worth an estimated $380.2 million. "Diane Greene exchanged 7,114,150 shares of Bebop stock for 200,729 shares of Alphabet Class C Capital Stock at $740.39 each in the Merger, plus cash for fractional shares," the filing states. "Ms. Greene intends to donate the shares exchanged to a donor-advised fund."

Greene, who now oversees Google's cloud-computing business as senior vice president, serves on Alphabet's board. Her husband, Stanford professor Mendel Rosenblum, was a co-founder of Bebop and VMWare with Greene and also works part-time at Google. Rosenblum's payout is of Company Class C Capital Stock, or $8.4 million, and a Google spokesperson told he would be donating his shares as well. Given that Alphabet is buying a board member's company for a large sum, donating the proceeds to charity seems like a good alternative to the obvious conflict-of-interest issues, Business Insider notes.

Jordan Novet. "." VentureBeat 01/04/2016. Julie Bort. "." Business Insider 01/04/2016.