Warren Buffett, the Chairman of Berkshire Hathaway, has made a generous donation worth around $866 million in company stock to four family charities. The magnanimous act not only reaffirms his commitment to philanthropy but also assures shareholders of his health status.
What Happened: As reported by Reuters, Buffett has dispensed 1.5 million $Berkshire Hathaway-B (BRK.B.US)$ to the Susan Thompson Buffett Foundation, a charity dedicated to reproductive health, named in honor of his late first wife. Furthermore, 900,000 Class B shares have been split equally among charities headed by his children: Howard, Susan, and Peter.
Buffett, in a regulatory filing, stated, "At 93, I feel good but fully realize I am playing in extra innings."
He further renewed his pledge to give away over 99% of his wealth to charitable causes, with his children slated to execute his will.
Buffett, who has a net worth of $120.5 billion as per Forbes, has been at the helm of the Omaha, Nebraska-based Berkshire since 1965. This conglomerate comprises several businesses, including the BNSF railroad, Geico car insurance, and well-known consumer brands like Dairy Queen and Fruit of the Loom.
The billionaire investor has, since 2006, donated more than half of his Berkshire stock, which equates to nearly $52 billion, to family charities and the Bill & Melinda Gates Foundation.
Why It Matters: Buffett's philanthropic pursuits have always been a cornerstone of his persona. His older sister, Doris Buffett, played a crucial role in these endeavors, often overlooked. Doris dedicated her life to helping those in need, aligning closely with her brother's charitable vision.