Buffett to gift $6 billion in Berkshire shares to nonprofits
Warren Buffett plans to contribute $6 billion worth of Berkshire shares to various charitable organizations. Warren Buffett is set to contribute approximately $6 billion worth of shares from Berkshire Hathaway Inc. to five foundations, fulfilling a commitment he made nearly two decades prior. Approximately 9.43 million Class B shares are set to be allocated to the Bill & Melinda Gates Foundation Trust, as indicated in a statement released on Saturday. In addition, 2.92 million shares are set to be allocated to his children’s foundations, which include the Sherwood Foundation, the Howard G. Buffett Foundation, and the NoVo Foundation, along with the Susan Thompson Buffett Foundation, named in honor of the billionaire’s deceased spouse.
The 94-year-old initiated the Giving Pledge in 2010 in collaboration with associates Bill Gates and Melinda French Gates, aiming to contribute Buffett’s wealth either during his lifetime or upon his passing. Four years prior, he commenced substantial contributions to the Gates Foundation, along with foundations associated with his offspring. CEOs commend Buffett as he concludes his remarkable tenure at the leadership of Berkshire Hathaway. “The mathematics of the lifetime commitments to the five foundations are interesting,” Buffett stated. “The five foundations have received Berkshire B shares that had a value when received of approximately $60 billion, significantly exceeding my total net worth in 2006.”
Earlier this year, Buffett announced his intention to step down as chief executive officer of Berkshire Hathaway by the end of 2025, passing the role to his long-time second-in-command, Greg Abel. Buffett stated that he would not divest any shares of Berkshire Hathaway, opting instead to distribute them gradually. Buffett currently holds a position in Berkshire comprising 198,117 Class A shares and 1,144 Class B shares. “I have no debts and my remaining A shares are worth about $145 billion, well over 99 per cent of my net worth,” Buffett stated. “My will stipulates that approximately 99.5 percent of my estate is allocated for philanthropic purposes.”
