Warren Buffett Donates a Whooping $870 Million in Berkshire Hathaway Stock to 4 Charities Before Thanksgiving
By Jace Dela Cruz
Nov 22, 2023 02:17 AM EST
Nov 22, 2023 02:17 AM EST
Warren Buffett, the 93-year-old investing luminary, has made a substantial move ahead of Thanksgiving, donating over $870 million in Berkshire Hathaway stock to four family foundations.
In a letter to investors, Warren Buffett reassured them about the conglomerate's enduring strength, stating that it is "built to last." CNBC reported that the donation included 1.5 million Class B shares of Berkshire Hathaway to the Susan Thompson Buffett Foundation, named after his first wife.
Additionally, Buffett gifted 300,000 Class B shares to each of the foundations managed by his children: the Sherwood Foundation, the Howard G. Buffett Foundation, and the NoVo Foundation.
Buffett highlighted that these donations complemented lifetime pledges made in 2006, which will continue until his passing. Despite being in his 90s, Buffett expressed feeling good, humorously acknowledging that he is "playing in extra innings."
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Warren Buffett's children, who serve as executors of his current will, are also named trustees of the rust slated to receive most of his wealth. The trust, created to be self-liquidating after a decade or so, will operate with minimal staff and be primarily funded by Berkshire shares.
"My three children are the executors of my current will as well as the named trustees of the charitable trust that will receive 99%-plus of my wealth pursuant to the provisions of the will. They were not fully prepared for this awesome responsibility in 2006, but they are now," Buffet said in a statement.
Addressing the future disposition of his assets after his passing, Buffett noted that there would be no elaborate trusts or foreign entities to evade public scrutiny. Instead, his assets will be managed through a simple will available for inspection at the Douglas County Courthouse.
"After my death, the disposition of my assets will be an open book - no "imaginative" trusts or foreign entities to avoid public scrutiny but rather a simple will available for inspection at the Douglas County Courthouse," the billionaire investor said.
"At Thanksgiving I have much to be thankful for. And to all of my partners in ownership of Berkshire, I wish you and your families the best in health and happiness," he added.
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