Warren Buffett has donated a staggering $6 billion worth of Berkshire Hathaway Inc. (NYSE:BRK) (NYSE:BRK) shares to the Gates Foundation and four family charities. This is Buffett’s largest annual donation since he began his philanthropic journey almost two decades ago.
What Happened: According to a Reuters report, the 94-year-old business magnate donated approximately 12.36 million Berkshire Class B shares to the Gates Foundation and the Susan Thompson Buffett Foundation, as well as three charities led by his children.
This latest contribution brings Buffett’s total charitable giving to well over $60 billion. The Oracle of Omaha still retains 13.8% of Berkshire’s stock, making him the world’s fifth-richest person with a net worth of $152 billion, as per Forbes.
Buffett, who has been giving away his fortune since 2006, has no plans to sell any of his Berkshire shares. Last year, he amended his will, designating 99.5% of his remaining fortune to a charitable trust to be managed by his children after his death. The trust will have around a decade to distribute the funds and must reach unanimous decisions on their allocation.
Why It Matters: Despite his philanthropic efforts, Buffett’s wealth has continued to surge. In March, he was recognized as the top wealth gainer among the world’s richest people, due to Berkshire Hathaway stock’s strong performance.
Despite his immense wealth, the latest donation testifies to Buffett's commitment to his philanthropic endeavors.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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