Warren Buffett continues philanthropy spree with record $5.3 billion donation
Warren Buffett, the 93-year-old billionaire investor, has made his largest annual donation since 2006 by giving away $5.3 billion of Berkshire Hathaway shares. The beneficiaries of this generous donation are the Bill & Melinda Gates Foundation as well as four other family charities. This latest act of philanthropy includes around 13 million Berkshire Class B stocks.
Buffett's total contributions reach $57 billion
Buffett's recent donation has increased his total contributions to these charities to an estimated $57 billion. This includes donations made to the family charities in November of the last two years. Of the latest donation, 9.93 million shares are going to the Gates Foundation, bringing Buffett's total donations to this foundation to over $43 billion in Berkshire stocks.
Distribution of remaining shares among family charities
The remaining shares from Buffett's donation have been distributed among four other charities. The Susan Thompson Buffett Foundation, named after Buffett's late first wife, received 993,035 shares. Each of his children's charities - the Howard G. Buffett Foundation, the Sherwood Foundation, and the NoVo Foundation - received 695,122 shares each.
Buffett's philanthropic plans and current wealth status
Buffett has expressed plans to donate more than 99% of his fortune amassed through Omaha, Nebraska-based conglomerate Berkshire Hathaway. Despite having given away more than half of his Berkshire stocks already, Buffett was still worth $134.3 billion prior to these latest donations according to Forbes magazine. This makes him the world's eighth richest person.
Buffett's statement on his philanthropic journey
In a statement regarding his philanthropic efforts, Buffett said he was worth about $44 billion when he started making these donations. He attributed his current wealth to the benefits of compounding, "simple and generally sound capital deployment" at Berkshire, and the "American tailwind." This highlights the significant growth of his fortune despite his substantial charitable contributions.
The Giving Pledge and focus of family foundations
Buffett, along with Bill Gates, initiated the Giving Pledge where high-net-worth individuals commit at least half of their wealth to philanthropy. Notable participants include OpenAI's Sam Altman, Elon Musk, Michael Bloomberg, and Mark Zuckerberg. The Susan Thompson Buffett Foundation is focused on reproductive health, the Howard G. Buffett Foundation works to alleviate hunger and better public safety, the Sherwood Foundation supports Nebraska nonprofits, and the NoVo Foundation focuses on women.
