Warren Buffett, the CEO of Berkshire Hathaway, has donated $6 billion in Berkshire stock to five charities. This is his largest annual donation to date. The donation was made on Friday and distributed to the Gates Foundation and four family charities.
Since Buffett began his philanthropic efforts nearly two decades ago, he has donated over $60 billion. The distribution included 12.36 million Berkshire Class B shares. The Gates Foundation received 9.43 million shares, the Susan Thompson Buffett Foundation received 943,384 shares, and three charities led by Buffett’s children received 660,366 shares each.
These charities are the Howard G. Buffett Foundation, Sherwood Foundation, and NoVo Foundation. Despite this significant donation, Buffett still owns 13.8% of Berkshire’s stock.
Before the donation, his net worth was $152 billion, making him the world’s fifth-richest person according to Forbes. After the donation, Buffett’s rank is expected to drop to sixth. This donation surpasses his previous record donation of $5.3 billion last June.
It follows an additional $1.14 billion he donated to family charities last November.
Buffett’s largest donation to date
Buffett has committed to not selling any Berkshire shares.
He has been giving away his fortune systematically since 2006. At 94 years old, he updated his will last year to allocate 99.5% of his remaining fortune to a charitable trust overseen by his children after his death. His children, Susie, Howard, and Peter Buffett, will have about a decade to distribute the funds unanimously.
Berkshire Hathaway, based in Omaha, Nebraska, is a $1.05 trillion conglomerate. It owns a diverse range of businesses, including Geico car insurance and BNSF railroad, as well as numerous stocks like Apple and American Express. The charities led by Buffett’s children focus on various causes.
The Susan Thompson Buffett Foundation, named after Buffett’s first wife, funds reproductive health. The Sherwood Foundation supports Nebraska nonprofits and early childhood education. The Howard G.
Buffett Foundation addresses global hunger, combats human trafficking, and mitigates conflicts. The NoVo Foundation focuses on initiatives supporting marginalized girls and women, and indigenous communities. Buffett has previously stated that donations to the Gates Foundation will cease upon his death.
