Buffett Donates $3.17 Billion
Warren Buffett has made his largest in a decade donation of his Berkshire Hathaway shares to charity - this time it's around $US3.17 billion worth of the company’s B class stock.
The recipients are the Bill & Melinda Gates Foundation and four family charities linked to family members.
Berkshire said 86 year old Buffett has made $US27.54 billion in donations since 2006 to the five charities, including roughly $US21.9 billion to the Gates Foundation.
That still leaves Buffett with about 17% of Berkshire (voting and non voting), worth more than $US 71 billion. He controls 32% of the voting A class shares.
It is his 12th annual donation and comprised 18.63 million Class “B” shares of Berkshire, valued at $US170.25 each at Monday’s market close. The Gates Foundation, will get about $US2.42 billion of Monday’s donations, while the rest will be shares between the Susan Thompson Buffett Foundation, named for his late first wife, and the Howard G. Buffett, Sherwood and NoVo Foundations, respectively overseen by his children, Howard, Susan and Peter.
Reuters says the charities usually sell the Berkshire shares to finance their activities, reflecting Buffett’s desire that his money be spent. Buffett also makes smaller donations to other charities.
Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.
At the AFR he was a finance writer, Finance Editor, News Editor and Chief of Staff. At the Nine Network he was supervising producer of Business Sunday for more than 16 years. He has also written for other online and analogue print publications here and overseas.