Nike co-founder Phil Knight donates $400 million to Stanford

Nike co-founder Phil Knight has given the largest gift in Stanford history, the school announced Tuesday. Knight, who graduated from Stanford's business school in 1962 and turned 78 years old on Wednesday, donated $400 million.

The money will go toward the school's new Knight-Hennessey Scholars Program, a graduate level program that will pay for 100 students per year who specialize in "leadership and civic commitment."

Ten years ago, Knight gave $105 million to Stanford's business school, the largest donation that school had received.

Knight has also given to Stanford athletics, though he is most known as the top booster of the University of Oregon, where he graduated in 1959. He later went on to co-found Nike with the Ducks' track coach, Bill Bowerman, who Knight ran for. Knight has donated more than $300 million to Oregon athletics over the years and has his own locker in the new facility he funded for the football team.

Knight, who will step down as chairman of Nike in 2016, is worth $25.7 billion, which makes him the 15th-richest man in America, according to Forbes.