It was announced on Monday that Warren Buffett, billionaire investor, intends to give away over $2.6 billion worth of Berkshire Hathaway shares to five charities. This is part of his overall plan to gradually give away the majority of his fortune.
The largest portion of the Class B Berkshire Hathaway shares to be given away is in the amount of $2 billion. The shares are going to the Bill and Melinda Gates Foundation.
Besides the Gates Foundation shares, Buffett is also going to give 1.2 million shares to charities run by his three children and 1.75 million shares to his own foundation. It midday trading on Monday, Class B Berkshire Hathaway shares were up by $.46 and valued at $115.42 per share.
During the previous year, Warren Buffett announced that he was doubling the amount of shares that he would give to the foundations run by his children. He was very happy with the work that they have been doing.
In 2006, the billionaire president and CEO of Berkshire Hathaway told the world about his charitable plans, provided an outline and has been following it with yearly gifts ever since.