Berkshire Hathaway Inc. Chairman Warren Buffett has donated about $3.17 billion of shares in the company to five foundations, the company said Monday, the latest contribution in a more than decade-long pledge to donate a portion of his wealth to charities and philanthropic endeavors.
The Omaha, Neb., billionaire investor donated 18,628,189 Class B shares in Berkshire Hathaway to five foundations: the Bill & Melinda Gates Foundation, Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation and NoVo Foundation.
In order to make the contributions, Mr. Buffett converted his A shares in Berkshire Hathaway to Class B shares. Last year, Mr. Buffett made donations totaling $2.86 billion to charities.
Mr. Buffett, 86, is Berkshire's largest shareholder and as of March held 32.7% of the voting power in the conglomerate.
Mr. Buffett pledged in 2006 to donate 85% of his Berkshire Hathaway stock to the Gates Foundation. Including the stock gift this year, Mr. Buffett said he has donated $27.54 billion of stock to foundations.
Mr. Buffett said Monday he intends to have all of his Berkshire shares given to charities through annual gifts that will be completed 10 years after his estate is settled.
Write to Bowdeya Tweh at Bowdeya.Tweh@wsj.com
(END) Dow Jones Newswires
July 10, 2017 18:02 ET (22:02 GMT)