Warren Buffett donates Berkshire Hathaway shares worth $6B
11:07 am
What’s the story
Warren Buffett, the Chairman and CEO of Berkshire Hathaway and one of the world’s wealthiest individuals, has made a record donation of $6 billion.
The donation is his largest annual contribution since he started giving away his fortune almost two decades ago.
The donation consists of some 12.36 million Class B shares of Berkshire Hathaway, which has now increased Buffett’s total charitable contributions to more than $60 billion.
Share allocation
Buffett donated stocks to many foundations
Buffett has allocated the donated shares to several foundations.
The Bill & Melinda Gates Foundation received 9.43 million stocks, while the Susan Thompson Buffett Foundation received 943,384 shares.
Each of his three children’s charities—the Howard G. Buffett Foundation, Sherwood Foundation and NoVo Foundation—was given 660,366 shares by their respective namesakes: Howard, Susie and Peter Buffett.
Wealth status
Buffett’s net worth was $152B before this donation
Prior to this donation, Buffett’s net worth was $152 billion, making him the fifth-richest person in the world as per Forbes magazine.
Even after this donation, he would remain the sixth richest.
At 94 years old, he has been giving away his fortune since 2006 and revised his will last year to leave 99.5% of his remaining wealth after death to a charitable trust run by his children: Susie (71), Howard (70), and Peter (67).
Company overview
A look at Berkshire Hathaway
Buffett has been at the helm of Omaha, Nebraska-based Berkshire Hathaway since 1965. The $1.05 trillion conglomerate owns almost 200 businesses, including GEICO car insurance and BNSF railroad, as well as stakes in dozens of companies such as Apple and American Express.