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July 07, 2015

Buffett Gives $2.8 Billion to Gates and Family Foundations

Warren Buffett gave $2.84 billion worth of stock in his investment company Monday to the Bill & Melinda Gates Foundation and four charities with ties to his own family, the largest yet of his now-traditional summertime donations, Reuters reports. The Gates Foundation received about three-quarters of the 20.64 million Class "B" Berkshire Hathaway shares that made up Mr. Buffett's 10th annual major gift to the world's largest philanthropy.

The remaining donated shares were divided among the Susan Thompson Buffett Foundation, named for Mr. Buffett's late first wife, and the Howard G. Buffett Foundation, the Sherwood Foundation, and the NoVo Foundation, respectively led by his children, Howard, Susan, and Peter. Last year Mr. Buffett gave almost $2.8 billion to the five organizations. Each year he has reduced the amount of donated stock by 5 percent, but the value of the gifts has risen over time due to increases in Berkshire Hathaway share prices.