Warren Buffett donates USD 3.6 billion in Berkshire Hathaway shares to philanthropic foundations

Warren Buffett, Chairman of Berkshire Hathaway, has made a generous donation of 13.69 million shares of the company’s stock, valued at USD 3.6 billion, to charitable foundations. The Bill & Melinda Gates Foundation received the highest contribution, with more than 10 million shares worth $3.6 billion. The remaining shares were allocated to the Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation.

According to a company release, Buffett allocated 10,453,008 shares to the Bill & Melinda Gates Foundation Trust, 1,045,300 shares to the Susan Thompson Buffett Foundation, and 731,708 shares to each of the Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation. The latter four foundations are managed by Buffett’s three children.

This generous act of philanthropy is part of Buffett’s annual giving program, which he initiated in 2006. Since the program’s inception, Buffett has supplemented the annual grants with significant donations to four of the five recipient foundations.

Buffett explained that the donated shares were originally Berkshire A shares, representing more than 98% of his net worth at the time. However, he converted the A shares into B shares before making the contributions. Despite the sizable donations, Buffett still retains ownership of 218,287 A shares and 344 B shares of Berkshire Hathaway.

The total value of the donated shares to the five foundations exceeds $50 billion, surpassing Buffett’s entire net worth in 2006. He emphasized that he has not bought or sold any A or B shares since then and has no intentions of doing so.

Warren E. Buffett’s philanthropic efforts continue to make a significant impact, enabling these foundations to carry out their important work in various areas of focus.