Warren Buffett donated $3.4 billion in Berkshire Hathaway Inc. stock Monday to five foundations, a record amount for him and the annual follow-up to his 2006 foundations pledge and his plan to donate nearly all his wealth to charity.
Receiving shares that Buffett owned in Berkshire were the Bill & Melinda Gates Foundation; the Sherwood Foundation, run by his daughter, Susan; the Howard G. Buffett Foundation, run by his son Howard; and the NoVo Foundation, run by his son Peter and Peter’s wife, Jennifer; and the Susan Thompson Buffett Foundation, named after Buffett’s late wife.
The foundations sell the shares, over time, to finance their operations. Buffett follows a formula to calculate the number of shares donated each year. Last year’s total, $3.17 billion, was a record at the time.
Over the past year, the price of Berkshire stock has risen more than 10 percent, causing the total value of the donated shares to rise even though he donated slightly fewer shares.
In a statement, Berkshire said Buffett has donated more than 43 percent of the company stock he owned in 2006 to the foundations. The total value of the shares at the times of the donations was about $31 billion. At today’s price, those shares are worth more than $40 billion.
Buffett, who turns 88 next month, has never sold Berkshire stock and still owns shares worth more than $81 billion. Berkshire said the donations are part of his plan to give all his Berkshire shares to philanthropy through annual gifts completed 10 years after his estate is settled.
The Omaha World-Herald is owned by Berkshire Hathaway Inc.