The world’s most generous billionaire Warren Buffett has surprised many by giving away a record $6 billion worth of Berkshire Hathaway shares to charity.
It’s his biggest donation yet and adds to the tens of billions he has already given over nearly 20 years.
The billionaire’s donated money is going to the Gates Foundation and four charities run by his family.
The donation of around 12.36 million Berkshire Class B shares has pushed Buffett’s total charitable giving to well over $60 billion.
He gave 9.43 million shares to the Gates Foundation, 943,384 shares to the Susan Thompson Buffett Foundation, and 660,366 shares each to three foundations led by his children — the Howard G. Buffett Foundation, the Sherwood Foundation, and the NoVo Foundation.
Despite the donation, Buffett still owns 13.8% of Berkshire’s stock, according to published figures.
With a net worth of $152 billion prior to Friday’s gift, Buffett ranked as the world’s fifth-richest person, according to Forbes. The donation drops him to sixth place. It surpasses the $5.3 billion he donated last June. He also gave $1.14 billion more to family foundations in November.
In a statement, Buffett reiterated he has no plans to sell any of his Berkshire shares.
Now aged 94, Buffett began giving away his wealth in 2006.
He revised his will last year to ensure that 99.5% of his remaining estate will go to a charitable trust overseen by his children after his death.
The siblings — Susie (71), Howard (70), and Peter (67) — will have about ten years to distribute the funds and must make decisions unanimously.
Buffett has led Omaha, Nebraska-based Berkshire Hathaway since 1965. The $1.05 trillion conglomerate owns nearly 200 companies, including Geico insurance and BNSF railway, and holds major stakes in firms like Apple and American Express.
Susie Buffett leads the Susan Thompson Buffett Foundation, named after her mother, Buffett’s first wife. The foundation supports reproductive health causes.
The Sherwood Foundation funds Nebraska-based nonprofits and early childhood education programmes. The Howard G. Buffett Foundation focuses on food security, anti-trafficking efforts, and conflict mitigation. The NoVo Foundation supports marginalised girls and women, as well as indigenous communities.
Buffett said last June that donations to the Gates Foundation will cease after his death.