British Tech Billionaire gives £1 billion ($1,34 billion) worth of shares to his employees, turning 74 people into millionaires.
Matt Moulding, founder of Manchester-based The Hut Group, said he had gifted around 430 staff shares over the last ten years.
“We have created more millionaires than any other company in British corporate history,” the 48-year-old said.
“The shares are 100% gifted, no-one has had to pay anything. We have genuinely changed so many lives.”
Those who have benefited on Moulding’s generosity include managers, secretaries and warehouse workers.
Moulding said that another £175 million ($235 million) is yet to be handed out, that would bring up the number of millionaires soon.
Some of those who would benefit from it will be graduates and school leavers who will get “life changing sums.”
A self-made millionaire, Moulding started out as a dishwasher, then a factory hand before starting to run websites for other retailers.
His company, an e-commerce platform that operates more than 100 websites for retailers, sells everything from mascara to vegan protein bars.
The Hut Group is currently worth £6.3 billion ($8.4 billion) after it floated on the stock market in September.
Moulding had also revealed an ambition to create another 9,000 jobs – 3,000 a year – by 2023, nearly doubling in size.
“It wasn’t that long ago we had 1,000 employees,” he said.
In November, the Hut Group announced active customers totalled over 1.7 million, a 74% surge year on year, boosted by Black Friday.
This makes the full-year revenue forecast to rise between 38% and 40% higher, compared to the previous guidance of 30% to 33% growth.