Warren Buffett gave $6 billion in Berkshire Hathaway (NYSE: BRK-B | BRK.B Price Prediction) stock to various charities According to several media reports this brings his lifetime charitable gifts to $60 billion. The Bloomberg Billionaire, Buffett is the eighth richest man in the world, with a net worth of $152 billion.
The money goes to the Gates Foundation, run by his friend Bill Gates, and four other charities. The exact gift is 12.36 million Class Berkshire Hathaway class B shares. According to Reuters, “He donated 9.43 million shares to the Gates Foundation; 943,384 shares to the Susan Thompson Buffett Foundation; and 660,366 shares to each of three charities led respectively by his children Howard, Susie, and Peter: the Howard G. Buffett Foundation, Sherwood Foundation and NoVo Foundation.” He is close to his children. Upon his death, the son Howard will become chairman of Berkshire Hathaway, although he will not be involved in company decisions.
Buffet’s will says that 99% of his money will be given to a charitable trust run by all his children. The trust will not pay them. The money will go directly to charity. He has provided for his children separately.
According to Forbes, Buffett has been the most charitable giver for five years in a row. Just behind him are billionaire investor George Soros, Gates, and Michael Bloomberg.
One of the questions about the size of Buffett’s gift is whether they will accelerate as he ages. He announced he will give up the role at Berkshire CEO, though he will remain active in the company. He turns 95 on August 30.
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