Date
21 July 2017
The donations reduce Warren Buffett’s voting power in Berkshire Hathaway to 31.73 percent. Photo: AFP
The donations reduce Warren Buffett’s voting power in Berkshire Hathaway to 31.73 percent. Photo: AFP

Warren Buffett donates US$2.86 bln to charities

Billionaire investor Warren Buffett has donated US$2.86 billion in Berkshire Hathaway Inc. stock to five charities, continuing to fulfill a pledge to give away part of his wealth to philanthropic causes, the Wall Street Journal reports.

The bulk of the donations—14,968,423 shares of Class B shares—went to the Bill and Melinda Gates Foundation, the newspaper said, citing a regulatory filing.

The donation is part of Buffett’s pledge in 2006 to donate about 85 percent of his stock in his flagship company to the foundation established in 1994 by his friend, Microsoft Corp. co-founder Bill Gates, and his wife. 

The pledge was then worth more than US$30 billion, the report said.

Buffett 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.

According to Forbes magazine’s 2016 ranking, Buffett’s net worth is estimated at US$60.8 billion, making him the world’s third richest man, behind Gates and Spanish retailing magnate Amancio Ortega.

The donations reduce Buffett’s voting power in Berkshire to 31.73 percent, the Journal said.

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