Business

Buffett just donated another $750 million in Berkshire Hathaway stock to his family’s charities



Billionaire investor Warren Buffett donated more than 750 million dollars in Shares of Berkshire Hathaway to four foundations run by his family on Wednesday, but unlike his annual charitable gifts each summer, the recipients do not include the Bill & Melinda Gates Foundation.

Buffett has donated to the same five charities every year since 2006 when he revealed his plan to give away his fortune over time, with the Gates Foundation receiving the largest amount of donations. Wednesday’s donations mark the 92-year-old’s first time making a second major gift in the same year.

Filings with the Securities and Exchange Commission show that Buffett donated 1.5 million Class B shares in the Omaha, Nebraska-based corporation he leads to the Susan Thompson Buffett Foundation, named after his wife. his first. He also donated 300,000 Class B shares each to three funds run by his children: the Sherwood Foundation, the Howard G. Buffett Foundation, and the NoVo Foundation.

In June, he gave 11 million Class B shares to the Gates Foundation, 1.1 million Class B shares to the Susan Thompson Buffett Foundation, and 770,218 shares to three of his children’s funds.

It remains unclear what prompted this week’s new donations, and Buffett did not immediately respond Wednesday to questions about them. The Gates Foundation and the Buffett family foundation that received the gifts did not immediately respond to questions.

The only other major change Buffett has made to his donation plans over the years was a decade ago when he significantly increased pledges to the funds his children run for him. satisfied with what they did with his money.

The Susan Thompson Buffett Foundation holds a low profile, but for many years it was a major advocate for abortion rights, giving large gifts to Planned Parenthood and other groups. Buffett has not announced any changes to his donation plan since the US Supreme Court overturned Roe v. Wade earlier this year.

Susie Buffett, 69, uses her Sherwood Foundation to promote early childhood education and support a number of projects around Omaha, Buffett’s hometown, where she also lives. Howard Buffett, 67, is helping farmers in impoverished nations produce more and work to end world hunger with a foundation that bears his name. Peter Buffett, 64, has dedicated his NoVo Foundation to empowering women and girls around the world through education, partnership and economic development to end violence against women.

Even after these latest gifts, Buffett still controls more than 31% of Berkshire’s voting power.

Berkshire Hathaway is an eclectic conglomerate that owns more than 90 companies including BNSF rail, Geico insurance, several major utilities and a wide range of manufacturing and retail companies including Precision Castparts, Dairy Queen and Helzberg Diamonds. In addition to the companies it owns outright, Berkshire owns large investments in Apple, american bank, Coca-Cola and other companies.

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