Warren Buffett to donate Berkshire Hathaway stocks worth $6 million to these 5 foundations
Warren Buffett, the Chairman of Berkshire Hathaway, is widely regarded as one of the greatest value investors in history. Now, the billionaire revealed the details of his will and confirmed that 99.5 per cent of his fortune will be donated to philanthropic causes. Buffett, 94, made headlines again as he pledged $6 billion in Berkshire Hathaway stock to five charitable foundations, including the Bill and Melinda Gates Foundation Trust. Warren Buffett, chairman and CEO of Berkshire Hathaway, will donate Berkshire Hathaway stocks(AP)
Reportedly, this latest donation would bring his total contributions to philanthropic efforts since 2006 to an estimated $60 billion, depending on stock valuations at the time of donation.
In a statement cited by AP, Buffett reportedly downplayed any suggestion of genius behind his financial success. He said that nothing extraordinary has occurred at Berkshire and added that a very long runway, sound decisions had compounding effects producing his wealth.
Warren Buffett's net worth, as per reports, stands at approximately $145 billion, nearly all of which is tied to Berkshire Hathaway stock. Over the years, his conservative, value-driven approach, buying great companies at fair prices and holding them long-term, has earned him legendary status on Wall Street.
Also read: With record $6 billion donation, Warren Buffett to exit world's top 5 richest list Where the donations are going
As per the report, according to Buffett's will around 12.4 million Class B shares of Berkshire Hathaway will be distributed across five foundations. The largest recipient is the Bill and Melinda Gates Foundation Trust, which will be receiving 9.4 million shares.
Other beneficiaries include Susan Thompson Buffett Foundation which will receive 943,384 shares. Following that, the Sherwood Foundation, Howard G Buffett Foundation and the NoVo Foundation will receive 660,366 shares each.
The wealth distribution is expected to happen on Monday, Buffett said.
Among Berkshire Hathaway's businesses, which Buffett has led since the 1960s, are Geico, Dairy Queen, and BNSF Railway, besides having large holdings in companies such as Apple, Coca-Cola, and American Express.
His decision is consistent with the idea he has held for many years: that extreme wealth should be spent for the good of society. In his role as one of the founders of The Giving Pledge, he forever continues to set an example for what responsible wealth stewardship can look like—especially from the very top. FAQs What is Warren Buffett's annual salary?
Buffett famously takes a modest annual salary of $100,000, a figure he has kept for decades, despite his massive wealth. At what age did Warren Buffett become a billionaire?
Buffett became a billionaire in 1990, at the age of 60, largely due to his increasing stake in Berkshire Hathaway. Who will inherit Warren Buffett's money?
Almost all of Buffett's fortune will go to charity, not directly to his children. He has stated publicly that he wants his children to be 'well-off, but not spoiled,' and they run their own charitable foundations receiving portions of his estate. Who is the first 20-year-old billionaire?
That title belongs to Kylie Jenner, who was declared the world's youngest self-made billionaire at 21 in 2019, according to Forbes.
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