The 92-year-old investment legend has just donated to five more organizations, bringing his total charitable contributions to over $50 billion.
On June 22, Warren Buffett announced that he had donated 13.7 million Class B shares of his investment company, Berkshire Hathaway, to five organizations. Of these, 10.5 million shares were sent to the Bill & Melinda Gates Foundation Trust, and 1.05 million shares to the Susan Thompson Buffett Foundation – a charitable foundation named after his first wife, who passed away in 2004.
The remaining shares are divided equally among three foundations: the Sherwood Foundation, the Howard G. Buffett Foundation, and the NoVo Foundation—all run by the billionaire's children. Currently, each Class B share of Berkshire is priced at nearly $340.
Warren Buffett at Berkshire Hathaway's 2019 Annual Meeting. Photo: AP
Buffet began planning his annual charitable donations in 2006. At that time, his net worth was over $40 billion, primarily from Berkshire Hathaway stock. In 2006, Buffet pledged that, while he was still alive, he would donate Berkshire Hathaway stock annually to the Bill & Melinda Gates Foundation.
"For the past 17 years, I haven't bought or sold any Class A or Class B Berkshire stock, and I have no intention of doing so. The five funds have received approximately $50 billion worth of shares, far exceeding my entire fortune in 2006. I have no debt and currently own about $112 billion worth of Class A Berkshire stock," Buffett said.
Last Thanksgiving, Buffett donated over $750 million to four organizations related to his family, to show his "support" for his children. Buffett plans to give away all of his Berkshire stock through charity each year.
"Nothing unusual is happening at Berkshire. Investment decisions remain simple, calculated for the long term. The favorable US economy and the compound interest effect will protect my assets. I will give away more than 99% of my assets as planned," the billionaire said.
Ha Thu (according to CNBC)
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