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Warren Buffett donates $3.6 billion to Gates' and family charities

Jonathan Stempel

Reuters

 /  Tue, July 2, 2019  /  11:28 am
Warren Buffett donates $3.6 billion to Gates' and family charities

Warren Buffett, Chairman and CEO of Berkshire Hathaway and Co-Chairman of Goldman Sachs 10,000 Small Businesses Program, speaks during a press conference where it was announced that Detroit was named the 11th city to be included in the $500 million Goldman Sachs initiative November 26, 2013 at Ford Field in Detroit, Michigan. (AFP/Bill Pugliano)

Warren Buffett is donating roughly $3.6 billion of Berkshire Hathaway Inc stock to five charities, including the Bill & Melinda Gates Foundation, the biggest contribution in Buffett’s plan to give away his fortune.

Berkshire said Buffett’s 14th annual donation comprises about 16.81 million Class “B” shares of Berkshire.

The donation will boost the total amount Buffett has given to the charities to more than $34.5 billion since the 88-year-old billionaire pledged in 2006 to give his shares away.

Four-fifths of the donations go to the Gates Foundation. The rest goes to the Susan Thompson Buffett Foundation, named for Buffett’s late first wife, and charities run by his children Howard, Susan and Peter: the Howard G. Buffett Foundation, the Sherwood Foundation and the NoVo Foundation.

Buffett has since 1965 built Berkshire into a roughly $522 billion conglomerate owning such businesses as the BNSF railroad, Geico auto insurance and Dairy Queen ice cream, and stocks such as Apple Inc and Wells Fargo & Co.

Buffett’s largest prior annual donation was $3.4 billion in 2018.

Read also: The price for lunch with Warren Buffett: $3,300,100

Following the latest donation, Buffett will still own about 15.7 percent of Berkshire, despite having given away 45 percent of his 2006 holdings, and have roughly 31 percent of its voting power.

Buffett remains the world’s fourth-richest person, worth $87.5 billion according to Forbes magazine.

Jeff Bezos, Amazon.com Inc’s chief executive, and his family topped Forbes’ list at $157.8 billion. Berkshire invested in Amazon for the first time early this year.

The Gates and family charities typically sell Buffett’s shares to finance their activities, reflecting his desire that money be spent. Buffett also donates to other charities.