The founder of The Hut Group has pledged to donate £100million of the online retailer's shares to charity and hand all his salary to good causes - despite the firm's £482million annual loss. The move, which comes just seven months after The Hut Group owner THG's initial public offering (IPO), sees him become one of the UK's biggest philanthropists. Floating means giving over a percentage of the company for purchase by the public in the form of shares. Mr Moulding and his wife Jodie own 319million shares - a 25 per cent stake worth £2.2billion before the donation. They will have around 305million shares or 24 per cent of the firm after the transfer.

Source: The Nation April 15, 2021 14:03 UTC