Red Hat windfall – Founder’s aunt donates stock

An aunt of Red Hat founder Bob Young has donated her $27 million stake in the Durham, N.C., Linux marketer to a charity in her Ontario hometown, Bloomberg news reports.

The gift is believed to be the largest individual donation ever in Canada.

Joyce Young donated her entire stake in the company — 400,000 stock shares — to a foundation that supports a host of charities in Ontario.¬† The foundation then sold the shares, Bloomberg says.

Young, who is in her 70s, said she only intended to help her nephew start his business when she bought stake in the company in 1995.

She told Bloomberg she never expected a return on her investment.

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