Buffett Donates BH Shares Valued at $3.4 Billion to Five Foundations

Buffett Donates BH Shares Valued at $3.4 Billion to Five Foundations

Berkshire Hathaway has announced that its chairman, Warren E. Buffett, has converted Class A shares of his Berkshire holdings into Class B shares and donated almost all of the latter to five foundations.

According to the Omaha-based conglomerate, Buffett, a co-founder and signatory of the Giving Pledge, converted 11,867 of his Class A shares into more than 18.8 million Class B shares and donated nearly 17.7 million of the latter, valued at $3.4 billion, to the Bill & Melinda Gates Foundation and four foundations established by his late wife and children: the Susan Thompson Buffett Foundation, the Sherwood Foundation, the Howard G. Buffett Foundation, and the NoVo Foundation.

Since 2006 — when he pledged to gift 85 percent of his stake in Berkshire Hathaway to charity, Buffett has gifted about 43 percent of his Berkshire holdings, valued at about $31 billion, to the five foundations. Buffett intends to have all his Berkshire shares donated to charity through annual gifts that will be completed ten years after his estate is settled.

"Berkshire Hathaway Inc. News Release." Berkshire Hathaway Inc. News Release 07/16/2018.