Rocket Companies Chairman Dan Gilbert sold 20 million shares of common stock on Wednesday, cashing out just under $500 million, according to disclosures Rocket made to the Securities and Exchanges Commission.

The Form 4 file, made public Wednesday evening, shows Gilbert sold 20.2 million shares of common stock at $24.75 a unit for $499.95 million.

That stock sale would appear to be linked with Gilbert’s latest philanthropic venture. Last week, the Gilbert Family Foundation and the Rocket Community Fund pledged to donate a total of $500 million to community organizations in Detroit over the details ⇒

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