Warren Buffett donates more than $870 million worth of shares to four charities
Topics: World News
Stewart Perrie
Featured Image Credit: Kevin Dietsch/Getty Images. Amy Graves/WireImage
Topics: World News
Warren Buffett has dug deep ahead of Thanksgiving.
One of the richest men in the world has continued his pledge to donate his enormous wealth.
In a message to stakeholders, he revealed that he had given more than $870 million worth of Berkshire Hathaway stock to four family charities, according to CNBC.
This involved transforming 1,600 A shares into 2,400,000 B shares and giving them to The Susan Thompson Buffett Foundation, The Sherwood Foundation, The Howard G. Buffett Foundation and NoVo Foundation.
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The majority of the shares went to the first charity, which was named after his first wife.
Buffett said he 'feels good' about the donation and will keep going until his death.
"The donations itemized above repeat those made at Thanksgiving last year," he said in his message to stakeholders.
"They supplement certain of the lifetime pledges I made in 2006 and that continue until my death (at 93, I feel good but fully realize I am playing in extra innings)."
He added: "My three children are now – and this is hard for their father to believe – between 65 and 70 years of age.
"For some years, their foundations have distributed substantial sums, occasionally to the same donee. Usually, however, the three follow different paths."
He made a pledge that he would give away 99 per cent of his wealth to philanthropy before or on his death.
The 93-year-old said he and his children believe 'dynastic wealth...is not desirable', even though it is common around the world.
They also think that 'being rich does not make you either wise or evil', however he wants to make sure others get to experience the joys and opportunities that wealth can provide.
"At Thanksgiving I have much to be thankful for," he said.
"And to all of my partners in ownership of Berkshire, I wish you and your families the best in health and happiness."
Reuters says Buffett made a similar donation last year just before Thanksgiving, where he gave away $759 million worth of Berkshire stock.
Warren Buffett is listed on Forbes' billionaire's list as the fifth richest person in the world.
He has a net worth of $120.5 billion, which is certainly very wealthy.
Buffett, though, is only a few hundred million in front of Meta CEO Mark Zuckerberg, whose net worth is listed as $119.3 billion.