Warren Buffet to Donate $3.6 Billion Worth Berkshire Stock to 5 Charities
The Oracle of Omaha, Warren Buffet is donating $3.6 Billion worth Berkshire Hathway stock to five charity foundations. This is one of his life goals to donate most of his wealth to charities and philanthropic events. The company said on Monday that the Berkshire chairman plans to cover over 11,250 A class shares into nearly 16.9 Million B class shares.
Berkshire Hathway also said that 16.9 Million B Class shares will be donated to the Bill & Melinda Gates Foundation, Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation. Mr. Buffet has eventually pledged to donate 85% of his stake in the company majorly towards Gates foundation which focuses on improving health care and extreme poverty globally.
Over the years, the 88 years old billionaire has donated billions of dollars to the various foundation. The other four foundations are run by his children. His daughter Susan runs Susan Thompson Buffet Foundation which helps with educational programs, which provides scholarships to residents of Nebraska. While the Sherwood Foundation which also ran by Miss Susan Buffet funds Omaha public schools, local partnerships, and early childhood education.
Going forward to Howard Buffet foundation helps poor and marginalized communities with food security, conflict mitigation, and public safety while NoVo Foundation ran by Peter and his wife focuses on improving the lives of girls and marginalized communities across the world.
Considering the whole gifts by Mr. Warren Buffet it accounts for 40% of his 2006 holdings in the company. The whole gifts are valued at around $34 Billion, according to the company. Mr. Buffet plans to give out his all Berkshire Hathway holding to the foundation over the course of 10 years.
He holds about 37.4% shares A class shares in the company.