Buffett Gives $2.6 Billion in Stock to 5 Charities

Berkshire Hathaway (NYSE: BRK-B  ) (NYSE: BRK-A  ) Chairman and CEO Warren Buffett may be as wealthy as Uncle Scrooge, but he's hardly as stingy. The Oracle of Omaha announced today his annual stock option contributions to five separate charities, including four connected to family members.

Foundation

Shares

Bill and Melinda Gates Foundation

17,458,431

Susan Thompson Buffett Foundation

1,745,843

Howard G. Buffett Foundation

1,222,085

NoVo Foundation

1,222,085

Sherwood Foundation

1,222,085

Source: Berkshire Hathaway press release. 

At today's prices, the total 22,870,529 Class B shares amount to around $2.64 billion worth of donations. By far the largest recipient, the Bill and Melinda Gates Foundation, will receive approximately $2 billion in shares. Class B shares are trading around $115 as of this writing.

The late Susan Thompson Buffett was Buffett's first wife, and Howard is his eldest son. The NoVo Foundation's mission is to "foster a transformation from a world of domination and exploitation to one of collaboration and partnership." Jennifer and Peter Buffett are the co-chairs of the NoVo Foundation; Peter Buffett is the youngest son of Warren Buffett. The Sherwood Foundation "promotes equity through social justice initiatives enhancing the quality of life in Nebraska." The Sherwood Foundation was formerly the Susan A. Buffett Foundation; Susan A. Buffett is Warren Buffetts' daughter.

Last year, Buffett announced plans to double the amount of stock he gives to his children's foundations because he has been pleased with the work they've done.

Warren Buffett is also a signatory of the "Giving Pledge," making him one of around 40 billionaires to pledge as least half his overall wealth to charity.

-- Material from The Associated Press was used in this report.

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  • Report this Comment On July 08, 2013, at 6:49 PM, borneofan wrote:

    So he did end up giving it away to his kids, just via individual 501c3. I wonder if they will retain it or sell and do their own portfolio management inside each charity.

  • Report this Comment On July 08, 2013, at 6:54 PM, tdotsports1 wrote:

    What a socialist. ;)

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