Warren Buffett Donates Rs 51,000 Crore, Total Giving Crosses Rs 5,10,000 Crore — Where Will Rest Of His Money Go?

Warren Buffett has donated another $6 billion (Rs 51,000 crore approx.) worth of Berkshire Hathaway stock to charity, marking his biggest annual donation since he started giving away his fortune nearly 20 years ago, according to Reuters. The donation, made on Friday, included about 12.36 million Berkshire Class B shares.

Buffett gave 9.43 million shares to the Bill and Melinda Gates Foundation, 943,384 shares to the Susan Thompson Buffett Foundation, and 660,366 shares each to three charities led by his children, Howard, Susie, and Peter: the Howard G. Buffett Foundation, the Sherwood Foundation, and the NoVo Foundation.

With this latest donation, Buffett has given well over $60 billion (Rs 5.1 lakh crore approx.) to these charities. Even after the donation, he still owns 13.8% of Berkshire’s stock. Before Friday’s gift, his net worth was estimated at $152 billion, making him the world’s fifth-richest person. After the donation, he is expected to rank sixth.

This donation is larger than the $5.3 billion he gave away last June and the $1.14 billion he donated in November.

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Buffett, who is now 94 years old, started giving away his fortune in 2006. Last year, he changed his will to leave 99.5% of his remaining fortune after his death to a charitable trust that will be run by his three children. They will have about ten years to distribute the money and must agree unanimously on where it goes.

The charities receiving the donations work on a variety of causes. The Gates Foundation focuses on global health and education. The Susan Thompson Buffett Foundation, named after Warren’s first wife, funds reproductive health initiatives. The Sherwood Foundation supports nonprofits and early childhood education in Nebraska.

The Howard G. Buffett Foundation works to fight global hunger, human trafficking, and conflicts. The NoVo Foundation helps marginalised girls, women, and indigenous communities. Buffett has said that donations to the Gates Foundation will stop after he dies.

Buffett has been the CEO of Berkshire Hathaway, based in Omaha, Nebraska, since 1965. Under his leadership, the company grew from a struggling textile mill into a $1 trillion conglomerate owning nearly 200 businesses, including Geico insurance and BNSF railroad, and holding large stakes in companies like Apple and American Express.

Last month, in May, Buffett announced that he would step down as CEO by the end of the year. He plans to recommend Greg Abel, who oversees Berkshire’s non-insurance businesses, to succeed him. Buffett has praised Abel for his strong business skills.

With more than six decades at the helm, Buffett has built Berkshire into a powerhouse and established himself as one of the most successful investors in history.