Warren Buffett is giving away $6 billion in Berkshire Hathaway stock to five foundations, including one led by Bill Gates.
Billionaire investor Warren Buffett has announced a $6 billion donation of Berkshire Hathaway stock to five foundations, including the Bill & Melinda Gates Foundation and four family-run organizations.
The 94-year-old will give 9.43 million shares to the Gates Foundation and smaller portions to the Susan Thompson Buffett Foundation and the charities led by his children—Howard, Susie, and Peter.
“This marks my biggest contribution since 2006,” Buffett said. “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 converted over 8,200 Class A shares—each worth $730,000—into 12.3 million Class B shares for the donations. Despite the giveaway, he retains just under 40% of Berkshire’s Class A shares.
“My will provides that about 99½ percent of my estate is destined for philanthropic usage,” Buffett noted.
He and Bill Gates co-founded the Giving Pledge in 2010, encouraging billionaires to donate most of their wealth.