Warren Buffett to donate $5.3 billion worth of Berkshire Hathaway stock to charity
By Steve Gelsi
Bill & Melinda Gates Foundation Trust to receive largest stock gift
Warren Buffett said Friday he would convert 8,674 shares of Berkshire Hathaway Class A stock into 13.01 million Class B shares - with a value of $5.3 billion based on Thursday's closing price of $407.95 a share - and donate them to five charitable foundations.
Bill & Melinda Gates Foundation Trust will receive 9.93 million Class B shares of Berkshire Hathaway (MX:BRKB), the Susan Thompson Buffett Foundation is getting 993,035 shares; while the Sherwood Foundation, Howard G. Buffett Foundation and NoVo Foundation will each receive 695,122 shares.
In a statement, Buffett, who turns 94 in August, said his remaining Class A stock (BRK.A) is worth about $127 billion, or about 99.5% of his net worth.
The gifts stem from a schedule for annual grants that Buffett drew up in 2006. The five foundations have received Berkshire Class B shares with a value when received of about $55 billion, Buffett said.
Buffett said he's neither bought nor sold any A or B stock over the past 18 years, adding, "nor do I intend to do so."
Since 2006, the five foundations have received Berkshire Class B stock with a value when received of about $55 billion, Buffett said.
Buffett's will calls for more than 99% of his estate to be used for philanthropy.
Berkshire Hathaway's Class B stock was up 0.2% in premarket trades.
-Steve Gelsi
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06-29-24 0803ET
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