Warren Buffett Donates $2.86 Billion in Berkshire Hathaway Stock to Charities
July 14 2016 - 6:45PM
Dow Jones News
By Maria Armental
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 Diseño
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 18:30 ET (22:30 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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