Renowned global investor Warren Buffett donated $6 billion worth of Berkshire Hathaway Class B stocks on Friday (June 27), setting a record as his largest personal donation in nearly 20 years.
This donation consists of approximately 12.36 million shares of Class B stocks, with 9.43 million shares designated for the Bill and Melinda Gates Foundation, 943,384 shares for the Susan Thompson Buffett Foundation, and 660,366 shares for each of his three children’s foundations.
As of Friday, the total market value of the stocks donated by Buffett exceeded $60 billion. This donation surpasses the $5.3 billion he donated in June last year.
According to Forbes magazine, prior to the donation on Friday, Buffett’s net worth stood at $152 billion, making him the fifth richest person globally; however, after this donation, his ranking will drop to the sixth position.
Buffett currently holds a 13.8% stake in Berkshire Hathaway and stated in a press release that he has no intention of selling any of the company’s stocks.
At the age of 94, Buffett began his philanthropic endeavors in 2006. He revised his will last year, stipulating that 99.5% of his estate will be donated to charitable trusts managed by his children after his passing. They will have approximately ten years to distribute this fund.
Buffett has been at the helm of Berkshire Hathaway since 1965. The conglomerate, valued at around $1.05 trillion, owns nearly 200 subsidiaries and holds stakes in various public companies such as Apple and American Express.
His eldest daughter, Susie Buffett, aged 71, manages the Susan Thompson Buffett Foundation, which focuses on funding reproductive health projects and is named after her mother – Buffett’s first wife.
Additionally, she also oversees the Sherwood Foundation supporting charitable organizations in Nebraska and promoting early childhood education.
Howard Buffett, Buffett’s 70-year-old son, manages the Howard G. Buffett Foundation, which aims to address global hunger, combat human trafficking, and mitigate conflicts.
Peter Buffett, Buffett’s youngest son at 67, is responsible for managing the NoVo Foundation, which is dedicated to assisting disadvantaged girls and women, as well as projects in indigenous communities.