Warren Buffett donated roughly $4.6 billion of Berkshire Hathaway Inc. shares to five charities including the Bill & Melinda Gates Foundation as part of an annual pledge the billionaire made nearly two decades ago.
(Bloomberg) — Warren Buffett donated roughly $4.6 billion of Berkshire Hathaway Inc. shares to five charities including the Bill & Melinda Gates Foundation as part of an annual pledge the billionaire made nearly two decades ago.
The 13.7 million Class B shares were donated to five philanthropies, including one named for his late wife and several run by his children, according to a statement. Buffett’s stake in Berkshire now consists of 218,287 Class A shares and 344 Class B shares.
“The five foundations have received Berkshire B shares that had a value when received of about $50 billion, substantially more than my entire net worth in 2006,” Buffett said, referring to the year he first made the pledge. “I have no debts and my remaining A shares are worth about $112 billion, well over 99% of my net worth.”
The 92-year-old Buffett built one of the world’s largest fortunes out of his Omaha, Nebraska-based company. He attributed his wealth to “a very long runway, simple and generally sound decisions, the American tailwind and compounding effects,” and said that his will provides for more than 99% of his estate to be used for philanthropy.
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