Nike Co-Founder Plans to Give Most of His $25B Fortune to Charity

Nike co-founder Phil Knight is worth an estimated $25 billion, and plans to give most of it away to charity, he told CBS in an interview that aired Sunday.

"By the time, you know, the lives of my children and their kids run out, I will have given most of it to charity," Knight said in the interview, according to a statement from the network.

Knight, 78, announced last summer he would step away from the company, with a recommendation that CEO Mark Parker replace him as company chairman.

Knight's statement comes on the heels of a $400 million pledge to Stanford University, and builds on a legacy of charitable giving.