Warren Buffett donates whopping $6 billion Berkshire shares! Highest charity by billionaire in nearly 2 decades; total crosses $60 billion
Warren Buffett, chairman and CEO of Berkshire Hathaway (Image credits: AP)
Billionaire investor Warren Buffett donated $6 billion worth of Berkshire Hathaway stock on Friday to the Bill & Melinda Gates Foundation and four family-run charities. This marks his largest annual donation since he began giving away his fortune in 2006.
The donation included about 12.36 million Class B shares of Berkshire Hathaway. Of that, 9.43 million shares went to the Gates Foundation, while 9,43,384 shares were donated to the Susan Thompson Buffett Foundation. Three other foundations, led by Buffett's children Howard, Susie, and Peter, each received 660,366 shares. These are the Howard G Buffett Foundation, the Sherwood Foundation, and the NoVo Foundation.
With this latest donation, Buffett's total charitable giving has now exceeded $60 billion. Despite the large gift, he still owns 13.8% of Berkshire's stock, as per Reuters.
Buffet's
net worth
and previous donations:
Before Friday's donation, Buffett's net worth was estimated at $152 billion, making him the fifth-richest person in the world, according to Forbes. Following the donation, he is expected to rank sixth. This gift surpasses the $5.3 billion he gave away in June last year, and the $1.14 billion he donated to family charities in November.
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In a statement, Buffett reaffirmed that he does not plan to sell any Berkshire shares. Now 94, he has led Omaha-based Berkshire Hathaway since 1965. The $1.05 trillion company owns nearly 200 businesses, including Geico and BNSF Railway, as well as large stakes in Apple and American Express.
Last year, Buffett revised his will to leave 99.5% of his remaining fortune to a charitable trust after his death. The trust will be overseen by his three children, who will have about ten years to distribute the funds, and must decide together how the money is allocated. Buffett has previously said that donations to the Gates Foundation will stop after his death.
What each Buffett Family foundation supports: Causes and impact
The Susan Thompson Buffett Foundation focuses on reproductive health.
The Sherwood Foundation supports Nebraska-based nonprofits and early childhood education.
The Howard G Buffett Foundation works to address global hunger, human trafficking, and conflict resolution.
The NoVo Foundation advocates for marginalised girls, women and indigenous communities.
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