Plus   Neg

Warren Buffett Contributes $2.9 Bln Worth "B" Shares Of Berkshire To Five Philanthropies

Berkshire Hathaway Inc. (BRK.A, BRK.B) announced Wednesday that its CEO billionaire Warren Buffett contributed about 15.97 million "B" shares of Berkshire, valued at about $2.9 billion, to five philanthropies on Tuesday.

The shares were given to the following foundations: Bill and Melinda Gates Foundation, Susan Thompson Buffett Foundation, The Sherwood Foundation, Howard G. Buffett Foundation and NoVo Foundation.

Buffett's current contribution of Berkshire stock is the 15th installment of an annual giving plan he initiated in June, 2006 and increased in August, 2012. A procedural part of his plan is to annually convert sufficient "A" shares that he owns into "B" shares, which are then used to make his gifts.

Including the contributions just made and a few miscellaneous philanthropic gifts that over the years have involved far smaller sums, Buffett has since 2006 contributed Berkshire "B" shares that had a value totaling more than $37 billion.

These gifts, over the period that his giving plan has existed, have reduced his holdings of "A" shares to 248,734 from 474,998.

Looking ahead, Buffett envisions that all of the Berkshire shares he owns at his death will be distributed to various philanthropic organizations over the following 12 years.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The media mogul and Billionaire Sumner Redstone passed away on Tuesday at the age of 97, his family's holding company National Amusements said in a statement on Wednesday. He was Chairman Emeritus of ViacomCBS and chief executive officer of National Amusements. Customers in the U.S. are preferring digital or touchless payment methods due to concerns arising from the COVID-19 pandemic, a survey said. According to the survey by Rapyd Financial Network, the coronavirus pandemic has raised health and safety concerns around using cash and coins, and is accelerating the pre-existing trend toward digital transactions. American Airlines has extended its offer to waive change fees for customers who purchase tickets for travel, until December 31, 2020 in response to lower travel demand due to the coronavirus pandemic. This means that the travelers need not pay penalties for changing the origin and destination cities.
Follow RTT