Posted Date: 18/07/2018
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Buffett donates $3.4 billion in stocks - donating money to hard-working people

US investor Warren Buffett has donated about $3.4 billion worth of stock to five foundations this year.

Buffett Berkshire-Hathaway Company said on the 16th that Buffett has converted nearly 12,000 A-shares into approximately 17.8 million B-shares to achieve donations.

The foundations accepted by Buffett include the Sherwood Foundation, the Sherwood Foundation, the Buffett daughter Susan, the Howard G. Buffett Foundation operated by Buffett’s son Howard, and the NoVo operated by Buffett’s son Peter. Foundation and Susan Thompson Buffett Foundation to commemorate Buffett's deceased wife. 

As of the close of the 16th, Berkshire - Hathaway's Class B shares were priced at $192 per share. The 13.5 million Class B shares that Buffett donated to the Bill Melinda Gates Foundation this year are worth about $2.6 billion.

In the past year, the stock price of Berkshire Hathaway has risen by more than 10%. 

Including this year, Buffett has donated 240 million shares of Class B to the Bill Melinda Gates Foundation. Buffett has promised to donate a total of 500 million Class B shares to the foundation. Donations for next year will result in a cumulative donation of 51% of the promised amount.

Buffett is about 88 years old and was once the richest man in the world. His ranking has declined in the global rich list, mainly due to charitable donations.

At the 2007 Berkshire Hathaway shareholder meeting, Buffett explained his charity philosophy. "When I have money to donate, I am willing to donate to those who are energetic, hardworking, and smart."

Buffett never sold Berkshire Hathaway shares and still holds shares worth more than $81 billion.

Buffett donates $3.4 billion in stocks - donating money to hard-working people


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