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LinkedIn's Hoffman and Wife Allocate $9.2M in Zynga Shares to Charity (Update 1)

Stocks in this article: ZNGA LNKD

Updated from 4:20 p.m. ET Jan. 2, with LinkedIn share sales by Hoffman and tweets by Hoffman and me.

NEW YORK ( TheStreet) -- Reid Hoffman, co-founder and executive chairman of LinkedIn (LNKD) who also sits on Zynga's (ZNGA) Board of Directors, has allocated a portion of Zynga shares he owns in a trust with his wife Michelle Yee to a donor-advised charitable fund.

According to a Securities and Exchange Commission filing more than four hours after the close of trading on New Year's Eve, Hoffman allocated 2,422,114 Zynga shares owned indirectly by a trust he established with Yee to the Fidelity Investments Charitable Gift Fund. Like many other donor-advised funds, the Fidelity fund, also known as Fidelity Charitable, allows donors to set aside money for charity while minimizing paperwork and ensuring their donations go to legitimate charities. Hoffman "retains sole voting and dispositive power" over the shares in the trust, the filing states.

Hoffman has direct ownership in an additional 41,322 Zynga shares.

Zynga shares rose 3.95% to $3.95  on Thursday. They closed 2013 at $3.80, indicating Hoffman's gift was worth just over $9.2 million at the time he transferred it into the Fidelity fund.

The Zynga share sale by the Hoffman and Yee Trust follows sales of 83,334 LinkedIn shares worth some $19 million reported to the SEC on Dec. 18. The filing does not indicate any charitable purpose for those sales.

It could not be determined what causes Hoffman and Yee plan to support with the funds they have set aside, though Hoffman's latest tweet on Dec. 30 had a charitable theme.

Spokespeople for Zynga and LinkedIn didn't answer questions posed in separate e-mail exchanges. I also tweeted at Hoffman:

but received no response. -- Written by Dan Freed in New York.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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