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4w ago

Buffett Donates $6 Billion in Berkshire Shares to Gates Foundation and Family Trusts

Buffett reiterated his commitment to retaining Berkshire Hathaway stock in line with his plan to leave most of his remaining wealth to a foundation run by his children

AUGUST 6th 2022: Warren Buffett's conglomerate holding company Berkshire Hathaway Inc. reports a loss of $44 billion in the second quarter of 2022. - File Photo by: zz/NPX/STAR MAX/IPx 2008 10/22/08 Warren Buffett at "The Women's Conference" held on October 22, 2008 in Long Beach, California.
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Overview

  • On June 28, Buffett gave 12.4 million Class B Berkshire Hathaway shares valued at roughly $6 billion to the Bill & Melinda Gates Foundation and four family-managed foundations
  • The gift is his largest annual donation since launching his share-giving program in 2006 and pushes his total philanthropy past $60 billion
  • Despite the transfer, he still holds 13.8 percent of Berkshire Hathaway and has affirmed he has no intention of selling his shares
  • Last year’s will amendment directs 99.5 percent of his remaining fortune into a charitable foundation overseen by his children and ends Gates donations upon his death
  • Berkshire Hathaway’s diverse interests—from insurance and railroads to consumer brands and stakes in Apple and Coca-Cola—underpin the value of Buffett’s gifts