How Nike founder Phil Knight is giving a fortune to his family while avoiding billions in U.S. taxes

Knight is now 83, and since founding Nike in 1964 he’s built a fortune worth about $60 billion. He’s hardly the only American billionaire to take advantage of lawful tax­-avoida­­nce tricks—filings show JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon, Zoom Video Communications Inc. founder Eric Yuan, and many others employ such tools. The family of Walmart Inc. founder Sam Walton pioneered one of the techniques Knight appears to have used. But because Nike is publicly traded and both Knight and his surviving son, Travis, play roles on the company’s board and must report their stock transactions, theirs is the rare case that can be examined in detail from public filings, exposing a process that’s usually shrouded in secrecy. Bloomberg Businessweek identified about $9.3 billion in Nike shares and other assets Knight has moved to his descendants, starting in 2009. The full total could be more.

The complete article

Ben Steverman, Anders Melin, and Devon Pendleton — Bloomberg Businessweek

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One thought on “How Nike founder Phil Knight is giving a fortune to his family while avoiding billions in U.S. taxes

  1. So what do we have? Might as well sign up for the Smithsonian newsletter and call it the Tethys sea. Drive onto a train at one end, do some Jamie Colby and look at some guy’s tank collection. Like John Mozeliak says, we are boring. Vanilla are our colored sprinkles. The information you posted up looks pretty perverse like another Whitewater. But don’t tell that to Zoom aficionados, they might try to fight you — Clay river bank leaflets. And some of these people are supposed to be our diplomats??

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