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Yahoo
31 minutes ago
- Business
- Yahoo
Warren Buffett Is Giving Away $6 Billion — Here's Who Is Getting It
Warren Buffett, a billionaire investor and philanthropist, announced he's donating $6 billion to five charities The charities that will receive the funds include his three children's charities and the Bill & Melinda Gates Foundation Trust, whom he was a trustee with from 2006 to 2021 Buffett's estimated net worth is $152 billionWarren Buffett is giving away $6 billion — his biggest donation in almost two decades — to five charities by the end of the month. The chairman and CEO of Berkshire Hathaway and philanthropist, 94, announced in a press release on Saturday, June 28, that he is giving away $6 billion in Berkshire Hathaway shares to the Bill & Melinda Gates Foundation Trust and four other charities. The Bill & Melinda Gates Foundation Trust is one charity that Buffet has worked closely with over the years, as he has served as a trustee for the charity between 2006 and 2021. According to the trust's website, Buffett has pledged a total of $36 billion to the charity through 2022. Another charity that will be receiving a portion of the $6 billion is the charity he started with his first wife, the Susan Thompson Buffett Foundation, which is focused on family planning and reproductive health. The Sherwood Foundation, Howard G. Buffett Foundation and NoVo Foundation, which were founded by his three adult children Susan, 72, Howard, 70, and Peter, 67, respectively, will also get a portion of the funds. The donations will be delivered to the charities on June 30. He converted over 8,000 Class A shares and over 12 million Class B shares of Berkshire Hathaway shares in order to make the donation, which is his largest donation since 2006, according to Forbes. 'The mathematics of the lifetime commitments to the five foundations are interesting,' Buffet said in a statement. 'The schedule for annual grants was made on June 26, 2006, and has since been supplemented by significant grants to four of the five recipients.' 'When originally made, I owned 474,998 Berkshire A shares worth about $43 billion and those shares represented more than 98% of my net worth. I have converted A shares into B shares before making contributions,' he added. Buffett, whose estimated net worth is $152 billion, also shared in his statement that upon his death, 'about 99½%' of his estate is 'destined for philanthropic usage,' per his will. Never miss a story — sign up for to stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest stories. Last year it was reported that the Nebraska businessman planned to donate his fortune to a charitable trust after his death, according to the Associated Press. His three children would be in charge of the trust and have 10 years to allocate the money to charities of their choice. 'It's not so easy to give away money if you want to do it smart, if you want to be intelligent about it,' Howard told the AP in September 2024. 'It's pretty amazing that he's giving us this opportunity.' He also plans to continue to donate to the Gates Foundation and to his family's charities annually until his death, per AP. Read the original article on People Inicia sesión para acceder a tu portafolio
Daily Mail
5 hours ago
- Business
- Daily Mail
BREAKING NEWS Warren Buffett gives away staggering $6 BILLION
Billionaire Warren Buffett announced that he'll be giving away an additional $6 billion of his company's stock to five different charities, one of which is run by Bill Gates. Buffett, still worth $152 billion, is donating upwards of 12 million shares of Berkshire Hathaway stock to the Gates Foundation and four other foundations controlled by his wife and three children. This marks his biggest charitable contribution since 2006, when he pledged he'd give away the bulk of his fortune before he died. The 94-year-old investor is giving 9.43 million Berkshire Hathaway shares to the Gates Foundation. Another 943,384 shares are being directed to the Susan Thompson Buffett Foundation, the organization named for his wife, who died in 2004. Finally, another 660,366 shares will sent to each of the three charities led respectively by his children Howard, Susie, and Peter: the Howard G. Buffett Foundation, Sherwood Foundation and NoVo Foundation. The donations will be officially made on Monday. Buffett converted 8,239 class A shares - each worth a staggering $730,000 - into 12,358,500 class B shares. The vast majority of those newly created class B shares - worth about $485 apiece - were donated to the five foundations Buffett has been consistently donating to for decades.
Economic Times
12 hours ago
- Business
- Economic Times
$6 billion donation: Warren Buffett makes his biggest annual charitable gift
Warren Buffett has made his largest annual donation to date, giving away $6 billion worth of Berkshire Hathaway stock to a mix of philanthropic organizations, including the Bill & Melinda Gates Foundation and four foundations tied to his family. ADVERTISEMENT The donation, disclosed on Friday, was executed through the transfer of approximately 12.36 million Class B shares of Berkshire Hathaway, continuing a long-standing tradition that began nearly two decades ago. The bulk of the shares, over 9.4 million, were directed to the Gates Foundation. Additional allocations included nearly 943,000 shares to the Susan Thompson Buffett Foundation, and 660,000 shares each to three organizations run by his children: the Howard G. Buffett Foundation, the Sherwood Foundation, and the NoVo Foundation. This latest giving round raises Buffett's total charitable contributions over the years to more than $60 billion. Even after this sizable transfer, Buffett retains about 13.8% ownership in Berkshire Hathaway, according to publicly reported data. Prior to the donation, his net worth stood at approximately $152 billion, placing him fifth on Forbes' global billionaire this year's donation exceeding the $5.3 billion he gave in June 2023, Buffett is expected to fall slightly in the a public note accompanying the donation, Buffett reiterated that he has no intention of selling any of his Berkshire shares. ADVERTISEMENT The 94-year-old investor and philanthropist began systematically giving away his wealth in 2006 and made changes to his estate plan last year, allocating 99.5% of his remaining wealth to a charitable trust to be overseen by his children after his passing. His three children—Susie, Howard, and Peter Buffett—will jointly manage the distribution of the trust's assets, with decisions to be made unanimously over the course of a decade. At present, Susie Buffett is 71, Howard Buffett is 70, and Peter Buffett is 67. ADVERTISEMENT The foundations receiving Buffett's donations each focus on distinct social causes. The Susan Thompson Buffett Foundation, named after his late first wife, supports reproductive health initiatives. The Howard G. Buffett Foundation works on global hunger, conflict mitigation, and anti-trafficking Sherwood Foundation emphasizes early childhood education and nonprofit work in Nebraska, while the NoVo Foundation focuses on uplifting marginalized girls, women, and indigenous communities. ADVERTISEMENT Buffett has previously stated that donations to the Gates Foundation will cease upon his death. Meanwhile, Berkshire Hathaway—valued at $1.05 trillion—continues to operate a vast portfolio of companies and public equity holdings, including stakes in Apple, American Express, Geico, and BNSF Railway. Also read: Rs 1 lakh crore selloff tsunami threatens Nifty rally as promoters, strategic investors exit (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
NDTV
13 hours ago
- Business
- NDTV
Warren Buffett Donates $6 Billion To Gates Foundation, 4 Family Charities
Warren Buffett donated on Friday another $6 billion of Berkshire Hathaway stock to the Gates Foundation and four family charities, his biggest annual donation since he began giving away his fortune nearly two decades ago. The donation of about 12.36 million Berkshire Class B shares boosted Buffett's overall giving to the charities to well over $60 billion. He donated 9.43 million shares to the Gates Foundation; 943,384 shares to the Susan Thompson Buffett Foundation; and 660,366 shares to each of three charities led respectively by his children Howard, Susie, and Peter: the Howard G. Buffett Foundation, Sherwood Foundation and NoVo Foundation. Warren Buffett still owns 13.8% of Berkshire's stock, based on reported shares outstanding. His $152 billion net worth prior to Friday's donations made him the world's fifth-richest person, according to Forbes magazine. Buffett would rank sixth after the donations, which surpassed the $5.3 billion he donated last June. He donated another $1.14 billion to the family charities last November. In a statement, Buffett maintained he does not intend to sell any Berkshire shares. Now 94, Buffett began giving away his fortune in 2006. He changed his will last year, designating 99.5% of his remaining fortune after his death to a charitable trust overseen by his children. They will have about a decade to distribute the money, and must decide where it goes unanimously. Susie Buffett is 71, Howard Buffett is 70, and Peter Buffett is 67. Warren Buffett has led Omaha, Nebraska-based Berkshire since 1965. The $1.05 trillion conglomerate owns close to 200 businesses including Geico car insurance and the BNSF railroad, and dozens of stocks including Apple and American Express. Susie Buffett leads the Susan Thompson Buffett Foundation, which funds reproductive health and is named for her mother, who was Warren Buffett's first wife. The Sherwood Foundation supports Nebraska nonprofits and early childhood education. The Howard G. Buffett Foundation focuses on global hunger, combating human trafficking and mitigating conflicts. The NoVo Foundation has initiatives focused on marginalized girls and women, and on indigenous communities. Buffett said last June that donations to the Gates Foundation would end when he dies.
Time of India
14 hours ago
- Business
- Time of India
Warren Buffett donates whopping $6 billion Berkshire shares! Highest charity by billionaire in nearly 2 decades; total crosses $60 billion
Warren Buffett, chairman and CEO of Berkshire Hathaway (Image credits: AP) Billionaire investor Warren Buffett donated $6 billion worth of Berkshire Hathaway stock on Friday to the Bill & Melinda Gates Foundation and four family-run charities. This marks his largest annual donation since he began giving away his fortune in 2006. The donation included about 12.36 million Class B shares of Berkshire Hathaway. Of that, 9.43 million shares went to the Gates Foundation, while 9,43,384 shares were donated to the Susan Thompson Buffett Foundation. Three other foundations, led by Buffett's children Howard, Susie, and Peter, each received 660,366 shares. These are the Howard G Buffett Foundation, the Sherwood Foundation, and the NoVo Foundation. With this latest donation, Buffett's total charitable giving has now exceeded $60 billion. Despite the large gift, he still owns 13.8% of Berkshire's stock, as per Reuters. Buffet's net worth and previous donations: Before Friday's donation, Buffett's net worth was estimated at $152 billion, making him the fifth-richest person in the world, according to Forbes. Following the donation, he is expected to rank sixth. This gift surpasses the $5.3 billion he gave away in June last year, and the $1.14 billion he donated to family charities in November. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2025 Top Trending Local Enterprise Accounting Software [Click Here] Accounting ERP Click Here Undo In a statement, Buffett reaffirmed that he does not plan to sell any Berkshire shares. Now 94, he has led Omaha-based Berkshire Hathaway since 1965. The $1.05 trillion company owns nearly 200 businesses, including Geico and BNSF Railway, as well as large stakes in Apple and American Express. Last year, Buffett revised his will to leave 99.5% of his remaining fortune to a charitable trust after his death. The trust will be overseen by his three children, who will have about ten years to distribute the funds, and must decide together how the money is allocated. Buffett has previously said that donations to the Gates Foundation will stop after his death. What each Buffett Family foundation supports: Causes and impact The Susan Thompson Buffett Foundation focuses on reproductive health. The Sherwood Foundation supports Nebraska-based nonprofits and early childhood education. The Howard G Buffett Foundation works to address global hunger, human trafficking, and conflict resolution. The NoVo Foundation advocates for marginalised girls, women and indigenous communities. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
