November 29, 2022

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Warren Buffett Donates Shares Of $758 Mn To Family Charities

Warren Buffett Donates Shares Of 8 Mn To Family Charities

Buffett donated 1.5 million Class B shares to the Susan Thompson Buffett Foundation and 300,000 shares each to the Sherwood Foundation, the Howard G Buffett Foundation and the NoVo Foundation on Wednesday

Warren Buffett donated Berkshire Hathaway stock valued at more than USD 758 million to charities, including one named after his late wife.

Buffett donated 1.5 million Class B shares to the Susan Thompson Buffett Foundation and 300,000 shares each to the Sherwood Foundation, the Howard G Buffett Foundation and the NoVo Foundation on Wednesday, according to a filing.

Buffett donated converting 1,600 Class A shares into 2.4 million Class B shares.

He has donated more than half of his Berkshire shares, worth more than USD 46 billion since 2006. More than three-quarters have gone to the Gates Foundation, still one of the world’s largest private charitable foundations despite last year’s divorce of co-founders.

Following the latest donations, Buffett still owns 15.5 per cent of Berkshire’s stock and controls 31.4 per cent of its voting power.

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According to the Bloomberg Billionaires Index, Buffett, 92, is the world’s sixth-richest person with a USD 110.4 billion net worth. His fortune has gained USD 1.5 billion this year, even as the net worths of most of those on the ranking declined amid market turmoil. His wealth would be considerably higher were it not for his charitable donations.

In 2010, he started the Giving Pledge, with his friends Bill Gates and Melinda French Gates, saying he would donate 99 per cent of his fortune, either in his lifetime or at his death. He’s already given more than USD 32 billion worth of Berkshire stock to the Bill & Melinda Gates Foundation and has given regularly to his family members’ foundations.


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