Warren Buffett, billionaire businessman and long-time chairman of Berkshire Hathaway, has continued his longstanding philanthropic commitment by donating almost $6 billion worth of company shares to five nonprofit foundations.
In an announcement on Saturday, Buffett said he will give 12.35 million Class B shares of Berkshire Hathaway stock to five different foundations.
Gates Foundation to receive large chunk of Berkshire Hathaway shares
The Bill & Melinda Gates Foundation Trust will receive the majority of the gift, 9.43 million shares, while the remaining 2.92 million shares will be divided between the Susan Thompson Buffett Foundation, which is named after his late wife, and the separate foundations run by his three children: the Howard G. Buffett Foundation, the Sherwood Foundation, and the NoVo Foundation.
Buffett, who is currently 94, made a promise about 20 years ago that includes this most recent giving, solidifying his position as one of the most active philanthropists in the world.
Since 2006, he has donated roughly $60 billion worth of Berkshire shares, which, by his own estimation, surpasses his entire net worth at the start of his yearly donation.
“The five foundations have received Berkshire B shares that had a value when received of about $60 billion, substantially more than my entire net worth in 2006,” Buffett noted in his statement.
99.5% of Buffett’s wealth to be donated to charity
Buffett has long promised that, either during his lifetime or in his will, almost all of his wealth—roughly 99.5 percent of his estate—would be donated to charitable causes.
Together with Bill and Melinda French Gates, he started the Giving Pledge in 2010, which aims to persuade the richest people in the world to donate the majority of their wealth to charitable causes.
“I have no debts and my remaining A shares are worth about $145 billion, well over 99 percent of my net worth,” Buffett said. “My will provides that about 99.5 percent of my estate is destined for philanthropic usage.”
Buffett to retire as Berkshire Hathaway’s CEO
Buffett’s contribution this year coincides with his plans to leave his position as Berkshire Hathaway’s CEO by the end of 2025. He will be succeeded by Greg Abel, his long-time subordinate.
Buffett has promised not to sell a single share of Berkshire stock, but instead to progressively donate his shares while resigning from day-to-day management.
Buffett is one of the richest people in the world with 198,117 Class A shares and 1,144 Class B shares in the firm after the most recent round of gifts.
The philanthropy environment is still shaped by Buffett’s consistent generosity, which is characterised by both scale and strategy.
His contributions provide a potent example of wealth redistribution in contemporary times, supporting initiatives in community development, poverty alleviation, education, and global health.
