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PartyGaming Co-Founder Dikshit Sells Stake in Company, Donates Money to Charity

Business, 2009-10-22, by Ozone

Party Poker co-founder Anurag Dikshit is selling his stake in PartyGaming and giving all of the money to charity.

Dikshit, who currently owns 28% of the company, listed two-thirds of his holdings on the London Stock Exchange where PartyGaming is traded as PRTY. This caused shares to plummet 15.6% on Wednesday from $279 to $240. On Thursday, shares rebounded some to $250.

Dikshit plans to donate 100% of the proceeds from the sale, which are estimated at $350 million, to the Kusama Trust, a charity that provides welfare support and education to at-risk children in India. Dikshit plans to sell his remaining 9.5% ownership in PartyGaming in the coming months and donate that money to charity as well.

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