Warren Buffett, known as the Oracle of Omaha, is set to donate $6 billion worth of his company’s stock to five notable organizations as part of his ongoing commitment to philanthropy. This significant contribution brings his total charitable donations since 2006 to approximately $60 billion in value at the time of receiving the assets.
Buffett’s latest donation will comprise nearly 12.4 million Class B shares of Berkshire Hathaway stock, valued at approximately $485.68 per share based on recent market close. The recipients of this substantial funding include:
– Bill & Melinda Gates Foundation: 9.4 million shares
– Susan Thompson Buffett Foundation: 943,384 shares
– Sherwood Foundation: 660,336 shares
– Howard G. Buffett Foundation: 660,336 shares
– NoVo Foundation: 660,336 shares
It is noteworthy that Buffett announced earlier this year that he does not plan to contribute to the Bill & Melinda Gates Foundation after his passing, opting instead to create a new charitable trust for his wealth, which will be managed by his children.
This announcement follows Buffett’s recent retirement, marking a new chapter for Berkshire Hathaway under the leadership of his successor, Greg Abel. Buffett’s charitable legacy reflects his longstanding belief in giving back to the community and supporting various causes.
This latest contribution is a testament to Buffett’s commitment to philanthropy and may inspire future generations to continue his legacy of giving. As he transfers control of his philanthropy to his family, there is hope that the values he upholds will be carried forward.