Warren Buffett Donates $2.86 Billion in Berkshire Hathaway Stock to Charities
July 14 2016 - 6:50PM
Dow Jones News
Billionaire investor Warren Buffett, continuing his longstanding
pledge to give away part of his wealth to philanthropic causes,
donated $2.86 billion in Berkshire Hathaway Inc. stock to five
charities.
The bulk of the donations—14,968,423 shares of Class B
shares—went to the Bill and Melinda Gates Foundation, founded in
1994 by Microsoft Corp. co-founder and Mr. Buffett's friend Bill
Gates and his wife, according to a regulatory filing.
The donation is part of Mr. Buffett's 2006 pledge to donate
about 85% of his Berkshire Hathaway stock to the Gates Foundation.
At the time, the gift was valued at more than $30 billion.
The Omaha, Neb., billionaire investor also donated 1.5 million
Class B shares to the Susan Thompson Buffett Foundation, named
after his late wife, and 1.05 million Class B shares each to the
Sherwood Foundation, run by his daughter; the Howard G. Buffett
Foundation, run by his elder son; and the NoVo Foundation, run by
his younger son, Peter, and his wife, Jennifer.
Mr. Buffett's net worth is estimated at $60.8 billion, according
to Forbes's 2016 ranking, making him the world's third-richest man,
behind Mr. Gates and Amancio Ortega, founder of Industria de Diseñ
o Textil SA, better known as Inditex.
The donations, which reduce Mr. Buffett's voting power in the
Berkshire conglomerate to 31.73%, were made Wednesday. Based on
that day's closing of $145.93, the donations are worth $2.86
billion. The stock is up 10% so far this year.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
July 14, 2016 18:35 ET (22:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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