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July 15, 2016

Warren Buffett Donates $2.9 Billion in Annual Stock Gift

The Bill & Melinda Gates Foundation and four grant makers associated with Warren Buffett’s family received Berkshire Hathaway shares worth $2.86 billion in the philanthropist and investor’s yearly charitable stock donation, Reuters and The Wall Street Journal report.

The 11th annual gift, disclosed in a regulatory filing Thursday, consists of 19.6 million Class “B” shares in the Buffett-controlled investment firm, three-quarters of which went to the Gates Foundation. The Susan Thompson Buffett Foundation, named for Mr. Buffett’s late wife, received 1.5 million shares, and the philanthropist gave 1.05 million shares each to foundations led by his three children.

Mr. Buffett has given $24.3 billion to the five funds since inaugurating the summertime gift in 2006. He reduces the number of shares by 5 percent each year. This year’s donation was worth $200 million more than last year’s, reflecting a 10 percent gain in the share price to $145.93 at the close of business Wednesday.