Hamdi Ulukay, CEO of Chobani, is raising money for the survivors of the earthquake that hit Turkey and its surroundings.
Hamdi Ulukay, the Turkish-born CEO of Chobani, spearheaded an effort to raise money for survivors of the devastating earthquake by donating $1 million and matching another $1 million.
The yogurt company founder made a $1 million donation to the Turkish Philanthropy Funds (TPF) and pledged to match another $1 million in donations to help people who lost their homes and livelihoods in the disaster.
“My brothers and sisters in Turkey and the surrounding region desperately need our help,” he tweeted on February 6.
“This is my homeland and one of the biggest catastrophes in the history of the country. My heart is breaking,” he told TheStreet.
Emergency aid has been sent around the world to help rescue efforts and for survivors of the earthquake that measured 7.8 on the Richter scale and killed thousands of people. Finding survivors has been a daunting task.
Rescuers searched overnight in freezing temperatures for survivors under the massive amount of rubble from buildings that collapsed as the death toll rose to more than 7,700.
“The cold winter days have arrived and people need access to food, water, shelter and medicine,” Ulukay said. “There is no time to lose”.
Ulukay’s initial goal was to raise $3 million for the Turkish philanthropic funds‘ earthquake relief and recovery efforts, but the goal was exceeded in 24 hours. His new goal is to raise $5 million.
“It is our duty and obligation to offer assistance immediately, and I am overwhelmed by the support I have received from the business community that has joined me in these efforts,” he said.
The fund said it would provide details on which organizations are the recipients of the money raised.
“We are committed to transparent reporting and will provide updates as we make grants from this fund,” the organization tweeted.
Ulukay has long been a strong supporter of giving back to the community. Chobani was founded in 2005 and sold its first yogurt cups in 2007.
He signed the Giving Pledge to pledge to donate some of his enormous wealth along with founders Warren Buffett, CEO of Berkshire Hathaway, and Melinda and Bill Gates, founders and former CEOs of Microsoft.
The billionaire founder’s charitable efforts are well known and Chobani has donated 55 million items over the years to anti-hunger organizations across the US His employees have spent 24,000 hours volunteering for various organizations. The company also awarded 175 grants for various causes, including college scholarships and for small business owners to help finance their businesses in upstate New York and the Magic Valley region of Idaho.
In 2020 and 2021, Chobani hosted his first National Summit on Childhood Hunger and recommended launching public-private partnerships to end child hunger.
The company had sought to go public in 2022, but withdrew due to volatility in the stock market. A Chobani spokeswoman said plans for an initial public offering are not off the table.
Chobani said its revenue rose 5.2% to $1.4 billion from 2019 to 2020 in its IPO filing. But his net loss reached $58.7 million from investments in the company, which was more than triple the previous amount.
Proceeds from the initial public offering would have been used in part to pay down part of its level of debt.
In 2019, the company expanded and began selling oat milk, dairy and plant-based coffee creamers, iced coffee, and plant-based probiotic drinks.
Three Tech Giants, Alphabet (Google) – Get a free reportApple (AAPL) – Get a free reportand Amazon (AMZN) – Get a free reportHe said they have sent resources to help tens of thousands of people in Turkey and Syria affected by the earthquake.
Amazon trucks carrying shipments of supplies began Tuesday, Amazon spokesman Patrick Malone told TheStreet.
“The first truck of supplies has left our facility in Istanbul ahead of schedule and is heading to Hatay in the affected region,” he said. “Responders are still in the rescue operations phase, so we won’t have a full assessment of relief needs for a while.”
Amazon said that due to the frigid temperatures in the country, “they expect blankets, tents, tarps and space heaters to be at the top of the list of necessary items,” Malone said. “We will continue to meet needs as we receive requests for assistance, so there is no set number of trucks, deliveries or shipments.”
