Last Updated: November 23, 2023, 15:17 IST
Berkshire Hathaway Chairman and CEO Warren Buffett smiles during an interview in Omaha, Neb., May 7, 2018. (AP File)
Warren Buffett expresses gratitude as he gifts $876 million in Berkshire Hathaway stock to family foundations, continuing his commitment to philanthropy
American billionaire investor Warren Buffett has expressed gratitude at the Thanksgiving festival, announcing the donation of 2.4 million Class B shares of Berkshire Hathaway stock to family-run charitable foundations.
The donations, totaling about $876 million, include contributions to The Susan Thompson Buffett Foundation, The Sherwood Foundation, The Howard G. Buffett Foundation, and NoVo Foundation. This is the second consecutive year that he supplemented his regular summer donations to these foundations and the Bill & Melinda Gates Foundation.
Warren Buffett said he has donated about $866 million of Berkshire Hathaway stock to four family charities, and told shareholders ‘I feel good’ as he moves nearer the sunset of his storied investing career https://t.co/s62sT7ESPR— Reuters (@Reuters) November 22, 2023
“My children, along with their father, have a common belief that dynastic wealth, though both legal and common in much of the world including the United States, is not desirable,” Buffett said in the statement, adding that after his death, his children would act as trustees of a charitable trust that would inherit 99% of his wealth.
The “testamentary trust will be self-liquidating after a decade or so and operate with a lean staff,” Buffett said. His will will be available for inspection at the county courthouse in Omaha, he said. One of the most renowned billionaire investors in the US first committed to giving away his fortune in 2006, and in 2012, he increased the annual donations he made to the foundations.
(With agency inputs)
