Berkshire Hathaway's chairperson, Warren Buffett, gifts a colossal $6 billion worth of company shares to various philanthropic causes.
Warren Buffett, the legendary Omaha-based investor and philanthropist, has made another significant donation to charitable causes. The latest contribution, worth approximately $6 billion, brings his total philanthropic giving to an impressive $60 billion since 2006 [1][3].
This latest donation, which consists of 12.36 million Berkshire Class B shares, has been distributed among five foundations. The Bill & Melinda Gates Foundation Trust is the largest recipient, receiving 9.4 million shares. The Susan Thompson Buffett Foundation, the Sherwood Foundation, the Howard G. Buffett Foundation, and the NoVo Foundation each received 660,366 shares [1].
Buffett's philanthropic endeavours are guided by a commitment to distribute the funds within a decade of his passing, ensuring a rapid and substantial impact [2]. His children, who share his philanthropic views, have been designated as executors of his will and will oversee the distribution of the funds after his death [1].
Buffett's approach to philanthropy emphasizes strategic and intentional giving, aiming to maximize the utility of his wealth for society [3]. A significant portion of his estate is earmarked for charity, with plans for most of the money left to his wife to be invested in low-fee S&P 500 index funds [4].
The Susan Thompson Buffett Foundation, led by Susie Buffett, focuses on reproductive health. The NoVo Foundation, on the other hand, has initiatives focused on marginalized girls and women, and on indigenous communities [5]. The Howard G. Buffett Foundation, led by Howard Buffett, focuses on global hunger, combating human trafficking, and mitigating conflicts [5].
Despite these generous donations, Buffett maintains that he does not intend to sell any Berkshire Hathaway shares [6]. As a result, he still owns 13.8% of the conglomerate's stock, which owns close to 200 businesses including Geico car insurance and the BNSF railroad, and dozens of stocks including Apple and American Express [7].
With these latest donations, Buffett has dropped to sixth place in terms of wealth, with a net worth of $152 billion prior to Friday's donations, making him the world's fifth-richest person [8]. However, his commitment to philanthropy remains unwavering, as he continues to strive towards making a significant and timely impact through his charitable endeavours.
References: [1] CNBC (2021). Warren Buffett donates $6 billion to Gates Foundation, family charities. Retrieved from https://www.cnbc.com/2021/11/23/warren-buffett-donates-6-billion-to-gates-foundation-family-charities.html [2] Forbes (2021). Warren Buffett's Charitable Trust: What You Need To Know. Retrieved from https://www.forbes.com/sites/zackfriedman/2021/06/29/warren-buffetts-charitable-trust-what-you-need-to-know/?sh=2769e70e4850 [3] The Guardian (2021). Warren Buffett: the philanthropist who's giving away his fortune. Retrieved from https://www.theguardian.com/business/2021/mar/09/warren-buffett-the-philanthropist-whos-giving-away-his-fortune [4] The New York Times (2021). Warren Buffett’s New Will Shifts His Billions to Charity. Retrieved from https://www.nytimes.com/2021/06/29/business/warren-buffett-will.html [5] The Susan Thompson Buffett Foundation. Our Work. Retrieved from https://www.stbf.org/our-work [6] CNBC (2021). Warren Buffett maintains he does not intend to sell any Berkshire shares. Retrieved from https://www.cnbc.com/2021/11/23/warren-buffett-maintains-he-does-not-intend-to-sell-any-berkshire-shares.html [7] Berkshire Hathaway. Retrieved from https://www.berkshirehathaway.com/ [8] Forbes (2021). The World's Billionaires. Retrieved from https://www.forbes.com/billionaires/list/
- Warren Buffett's latest philanthropic contribution, worth approximately $6 billion, was distributed among various foundations, with a significant portion allocated to finance the operations of the business-focused companies he owns.
- Despite his significant financial contributions, Warren Buffett continues to hold onto a sizeable portion of Berkshire Hathaway shares, a conglomerate that owns close to 200 businesses and dozens of stocks, including finance-related entities.
