Berkshire Hathaway investor and chairman Warren Buffett continues his annual philanthropic gesture by donating a staggering $5.3 billion worth of Berkshire shares to several charitable causes. According to CNBC, this marks his largest single donation to date.
Buffett, who is nearing his 94th birthday in August, converted 8,674 Class A shares into over 13 million Class B shares, distributing 9.93 million shares to the Bill & Melinda Gates Foundation and allocating the remainder to the Susan Thompson Buffett Foundation and charities led by his children Howard, Susan, and Peter Buffett.
These contributions continue Buffett's tradition of annual donations to these organizations, a practice he began in 2006.
For now, however, he plans to discontinue contributions to the Gates Foundation, coupled with his resignation as a trustee during the Gates' divorce.
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Who Will Inherit Warren Buffet's Wealth?
Following this latest donation, Buffett retains ownership of 207,963 Class A shares and 2,586 Class B shares of Berkshire Hathaway, collectively valued at approximately $130 billion. At Berkshire's recent annual meeting, Buffett reflected on his mortality and succession plans, acknowledging the inevitability of a future without his leadership.
Buffet's wealth, built over decades at the helm of Berkshire, is now slated for management by a new charitable trust after his passing, overseen by his three children. Meanwhile, Greg Abel, vice chairman for noninsurance operations, has been identified as his successor.
Buffett's philanthropic approach also emphasizes transparency, intending to make his will publicly accessible after his death.
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