Warren Buffett's Record $5.3 Billion Charitable Donation Highlights Philanthropic Commitment

Warren Buffett made his largest annual donation on Friday, giving $5.3 billion in Berkshire Hathaway shares to five charities. At nearly 94 years old, Buffett converted 8,674 Class A shares into over 13 million Class B shares. He donated 9.93 million shares to the Bill & Melinda Gates Foundation and the rest to the Susan Thompson Buffett Foundation and three charities run by his children.

Buffett, known as the “Oracle of Omaha,” has pledged to give away his Berkshire fortune, starting his annual donations in 2006. After this donation, he holds 207,963 Class A shares and 2,586 Class B shares, worth around $130 billion.

In a Wall Street Journal interview, Buffett stated that his wealth will be transferred to a new charitable trust managed by his three children after his death. He emphasized the importance of helping those less fortunate and clarified that the Gates Foundation will not receive future donations posthumously. Buffett resigned as a Gates Foundation trustee in June 2021.

At Berkshire’s May annual meeting, Buffett discussed the company’s future, reflecting on his age and the loss of his friend Charlie Munger. Greg Abel, vice chairman for noninsurance operations, is named as Buffett’s successor. Buffett’s will, which will be made public, ensures transparency in the distribution of his assets.

Source: Adapted from CNBS published by Yun Li.

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