Dr. Amar Bose, an alumnus and former faculty member of MIT, gave the university the majority of shares in the private audio technology company.
According to a statement on the MIT website, the gift is in the form of non-voting shares. MIT is barred from selling them, and the university will have no role in governing or running the company.
Bose’s links to MIT run deep. Not only did he receive bachelor’s, master’s and doctoral degrees in electrical engineering from the university, but he served as a faculty member between 1956 and 2001. Bose Corporation was founded during his time as a faculty member, in 1964.
While Bose Corporation is privately held and doesn’t share financial information, it’s clear that this is no small gift. Last year, the company had revenue of more than $2 billion, a spokesperson told Boston.com — that’s significantly more than the 2010 revenue of Groupon, LinkedIn, Pandora and Demand Media combined.
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