Warren Buffett, the esteemed chairman and CEO of Berkshire Hathaway, exudes happiness as he indulges in a game of bridge following the annual Berkshire Hathaway shareholders meeting in Omaha, Nebraska on May 5, 2019.
Nati Harnik | AP
Warren Buffett, the renowned investor, has once again made his annual donations to five different foundations, taking his total charitable giving to over $50 billion. This amount surpasses his entire net worth in 2006, when he initially planned these grants.
The 92-year-old investing legend declared on Thursday that he has transformed more than 9,000 Berkshire Class A shares into B shares, resulting in a donation of 13.7 million B shares to the five foundations. Out of this, the Bill & Melinda Gates Foundation Trust received 10.5 million shares, while the Susan Thompson Buffett Foundation, named after his late first wife, received 1.05 million shares.
The remaining 2.2 million shares were equally divided among the Sherwood Foundation, the Howard G. Buffett Foundation, and the NoVo Foundation, all managed by his children. At the time of donation, the B shares were valued at around $336 per share.
Buffett, known as the “Oracle of Omaha,” established this annual grants schedule on June 26, 2006, when he possessed $43 billion worth of Berkshire A shares, accounting for more than 98% of his net worth. In a letter from 2006, he pledged to contribute annual gifts of Berkshire B shares for the benefit of the Bill & Melinda Gates Foundation throughout his lifetime.
“For the past 17 years, I have neither bought nor sold any A or B shares, nor do I intend to do so. The five foundations have received Berkshire B shares valued at approximately $50 billion, considerably more than my entire net worth in 2006,” Buffett revealed. “I have no debts, and my remaining A shares are valued at around $112 billion, which represents well over 99% of my net worth.”
Last year, on Thanksgiving eve, Buffett generously contributed over $750 million to the four foundations associated with his family, reaffirming his utmost confidence in his children.
Buffett plans to completely distribute all of his Berkshire shares through annual gifts, which will be finalized ten years after his estate is settled. With this year’s donation, Buffett currently owns 218,287 A shares and 344 B shares.
“Berkshire has experienced nothing extraordinary; it’s the result of a long runway, sound decisions, the tailwind of the American economy, and the power of compounding,” Buffett stated. “The majority of my estate, over 99%, is devoted to philanthropic causes according to my will.”
The Omaha-based conglomerate, Berkshire Hathaway, with its diverse array of businesses spanning insurance, railroads, utilities, energy, and retail, is currently valued at over $730 billion.
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