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HomeMarketWarren Buffett Donates $759M in Berkshire Stock to His Family's Foundations

Warren Buffett Donates $759M in Berkshire Stock to His Family’s Foundations

Warren Buffett, CEO of Berkshire Hathaway.

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AFP via Getty Images

Warren Buffett donated about $759 million in
Berkshire Hathaway
stock to four family foundations, according to regulatory filings on Wednesday.

The CEO of Berkshire Hathaway (ticker: BRK.A, BRK.B) converted 1,600 shares of Berkshire Class A shares into 2.4 million shares of Class B stock on Tuesday, the filings show.

He then donated 1.5 million shares of the Class B stock to the Susan Thompson Buffett Foundation, which is named after Buffett’s late first wife. The foundation has provided scholarships to college students in Nebraska for over 50 years.

Buffett also donated 900,000 Class B shares to foundations run by his three children. Each foundation received 300,000 shares. They are the Sherwood Foundation, run by Susan Buffett, a Berkshire board member; the Howard G. Buffett Foundation, run by Howard Buffett, another Berkshire board member; and the NoVo Foundation, founded by Peter Buffett.

Berkshire’s Class B shares closed up 0.1% Wednesday, to $316.18 a share. The Class A stock was little changed at $477,020.

Buffett also made donations to these four foundations as part of his large annual philanthropic contribution of Berkshire stock made in June. The bulk of that $4 billion contribution went to Buffett’s main charity recipient, the Bill & Melinda Gates Foundation.

After the latest donations, Buffett owns a 15.5% stake in Berkshire, worth about $108 billion.

Write to Andrew Bary at andrew.bary@barrons.com

Credit: marketwatch.com

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