With his latest contributions, Buffett has given away shares that would be worth about $30 billion at today’s price, leaving him about $63 billion worth of stock he has pledged to give to the foundations in yearly amounts or, after he dies, through his estate. Buffett foundation chaired by his son, and the NoVo Foundation, headed by Buffett’s youngest son Peter.
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The press release showed that the shares had a value of more than $2.8 billion as of last Thursday’s close.
The charities typically sell donated shares to finance their activities, reflecting Buffett’s desire that the money be spent. (NYSE:BRK.A) (NYSE:BRK.B) Class B shares to five foundations.
“I greatly admire what the Bill & Melinda Gates Foundation (“BMG”) is accomplishing and want to materially expand its future capabilities”, wrote Buffett in his letter in 2006. The Saudi Prince said he plans to give away his entire fortune worth $32 billion to philanthropic causes over the next few years. He has been donating annual gifts for ten years now, since he gave over 10 million shares to the Bill and Melinda Gates foundation. His first gift of $1.5 billion doubled the organization’s spending.
It marks Buffett’s tenth annual gift to charities. I see her influence in what you are accomplishing.
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Warren Buffett, alongside Bill Gates, has also created the Giving Pledge, a commitment by the world’s richest individuals and families to dedicate the majority of their wealth to philanthropy.
