Warren Buffett will donate roughly $3.6 billion in shares of his firm Berkshire Hathaway to five foundations, the latest move by the famed investor to give away the bulk of his wealth to philanthropic endeavors.
Continue Reading Below
|BRK.A||BERKSHIRE HATHAWAY INC.||315,000.00||-2,030.00||-0.64%|
The 88 year-old chairman of the Omaha, Nebraska-based conglomerate will convert 11,250 Class A stock to 16.9 million shares of Class B stock.
Of that amount, roughly 16.8 billion shares will be given to the Bill & Melinda Gates Foundation, Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation and NoVo Foundation, according to a Monday release.
While Buffett has never sold Berkshire stock, he has gifted 45 percent of his 2006 holdings to the five foundations, totaling roughly $34 billion.
Buffett’s estate will eventually gift the bulk of his Berkshire shares to those philanthropic endeavors. He plans to give away all stock holdings of the firm within ten years after his estate is settled, according to the release.