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Berkshire Hathaway chair and CEO and Giving Pledge co-founder Warren Buffett has donated shares of the conglomerate valued at more than $4.6 billion to the four foundations run by his children as well as the Bill & Melinda Gates Foundation, Barron’s reports.
The gifts were part of Buffett’s annual plan, announced more than a decade ago. This year, Buffett donated $3.6 billion to the Gates Foundation and a total of $1 billion to four philanthropies run by his family: the Susan Thompson Buffett, Sherwood, Howard G. Buffett, and NoVo foundations. Buffett converted Class A super-voting shares into Class B stock before making the gifts. He gave a total of 13.7 million Class B shares. According to Barron’s, Buffett holds 218,287 Class A shares worth $112 billion based on the stock’s closing price of $515,515 on Wednesday. The Class B stock finished at $338.61.
“Nothing extraordinary has occurred at Berkshire: a very long runway, simple and generally sound decisions, the American tailwind, and compounding effects produced my current wealth,” Buffett said in a statement. “My will provides that more than 99 percent of my estate is destined for philanthropic usage.”
(Photo credit: Wikipedia)
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