Warren Buffett Donates $6 Billion to Five Foundations

NEW YORK (AP) — Famed investor Warren Buffett is donating $6 billion worth of his company’s stock to five foundations, increasing his total donations since 2006 to approximately $60 billion, based on their value when received. Buffett announced the donation late Friday, stating that the shares of Berkshire Hathaway will be delivered on Monday.

The largest portion, consisting of 9.4 million Class B shares, is allocated to the Bill & Melinda Gates Foundation Trust. The Susan Thompson Buffett Foundation is set to receive 943,384 shares, while the Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation will each receive 660,366 shares.

Buffett, who allowed his three children to help decide how to distribute his wealth last year, has a history of substantial charitable contributions. Berkshire Hathaway’s Class B stock has seen a 19.1% increase over the past 12 months, outperforming the broader U.S. stock market, which recorded a 14.1% return including dividends.

Renowned for his investment approach, Buffett has built a net worth of about $145 billion, mostly tied to his holdings in Berkshire Hathaway. He is known for purchasing companies at reasonable prices and exercising caution when markets are high.

“Nothing extraordinary has occurred at Berkshire; a very long runway, simple and generally sound decisions, the American tailwind and compounding effects produced my current wealth,” Buffett stated. “My will provides that about 99½% of my estate is destined for philanthropic usage.”