It’s practically common knowledge that Warren Buffett, billionaire investor, plans to donate the majority of his wealth to various charities before he passes on. So it should come as no surprise to you that he just donated $1.52 billion as part of his annual gift to the Gates Foundation. The foundation was created by Bill Gates, who is cofounder of Microsoft Corp.
Warren Buffett is the CEO and chairman of Berkshire Hathaway Inc., which is his Omaha-based investment firm. There was also a donation made of 18.4 million in the form of Berkshire Hathaway’s Class B shares. This donation went to the Bill & Melinda Gates Foundation. There was a filing on Friday which proves this to be true. Shares of Berkshire Hathaway’s Class B stock closed at $82.54 last Friday in New York City.
Warren Buffett is also a trustee of the Gates Foundation, as well as being the third richest man in the world. His current net worth is in the neighborhood of $46 billion. This information was gathered according to the Bloomberg Billionaire’s index, which is a daily ranking of the wealthiest people around the world. Mr. Buffett has also campaigned quite extensively to promote giving charitably.
“I urge people to unbutton their wallet, pull out a check, reach into their purse, whatever it takes,” said the 81 year old Buffett in a YouTube video that he put out last year. “You will find that when you give a dollar and something of yourself, a lot more than a dollar comes out the other end.”
In 2006, Warren Buffett shared his plans with the world which amounts to him donating 10 million Class B shares to the Gates Foundation. The initial gift he presented them was in the amount of 500,000 shares. He will also release the remaining shares of his donation 5% at a time on an annual basis. Each donation will be less shares then presented to the foundation the year before.
Warren Buffett wasn’t concerned about presenting the foundation with less shares each year because he stated that the shares will rise “in an irregular manner, by an amount that more than compensates for the decline in the number of shares that will be distributed.” There was already a 50 to 1 split of the Class B shares in 2010.