August 30, 2012

Warren Buffett Pledges $3-Billion More to His Kids' Foundations

Warren Buffett said today he would give each of his three children $1-billion to donate, in addition to the $1-billion gifts he made to each of their philanthropies in 2006.

To celebrate his 82nd birthday, he said in a letter to his children that he is awarding  12,220,852 Berkshire Hathaway Class B shares to each of their foundations.

Mr. Buffett made history in 2006 when he pledged stock, then worth more than $30-billion, to the Gates Foundation and about $3-billion to a foundation established by his late first wife, Susan Thompson Buffett.

He also pledged stock valued at roughly $1.2-billion apiece to each one of the three foundations created by his children, Susan, Howard, and Peter.

While the value of the stock has fluctuated over the years, Mr. Buffett has been steadily  paying off all of his 2006 pledges every year since.

Mr. Buffett's daughter, Susan Buffett, operates the Sherwood Foundation, which supports social justice and early-childhood education. His son Peter operates the NoVo Foundation, which seeks to improve the well-being of girls and women globally; and his other son Howard runs the Howard G. Buffett Foundation, which seeks to fight poverty worldwide.