Warren Buffett Donates $4.1 Billion, Steps Down as Trustee of Gates Foundation
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The Chairman and CEO of Berkshire Hathaway is donating $4.1 billion worth of Class A shares to five foundations, according to CNBC.
In a statement, Buffett says it’s part of the plan he announced years ago.
“Today is a milestone for me. In 2006, I pledged to distribute all of my Berkshire Hathaway shares — more than 99% of my net worth — to philanthropy. With today’s $4.1 billion distribution, I’m halfway there.”
The donation, in the form of annual gifts, will go to the Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation, NoVo Foundation and the Bill & Melinda Gates Foundation.
Berkshire Hathaway Class A shares are currently trading above $416,000, with Buffett saying his 16 annual contributions to five foundations have a reported worth of $41 billion when disbursed.
The 90-year old Oracle of Omaha also says he’s stepping down as trustee of the Bill & Melinda Gates Foundation amid a tumultuous divorce between the couple. But his departure won’t affect the foundation’s success.
“For years I have been...an inactive trustee at…the Bill and Melinda Gates Foundation," Buffett said. "And my physical participation is in no way needed to achieve these goals.”
The billionaire investor also maintains a positive outlook.
“I’m optimistic. Though naysayers abound — as they have throughout my life — America’s best days most certainly lie ahead," he explained. "Philanthropy will continue to pair human talent with financial resources. So, too, will business and government. Combined, they will make the world a better place — a much better place — for future generations.”
The billionaire has an estimated net worth of $96 billion according to Forbes.
Buffett still lives in the same Omaha, Nebraska house he bought for $31,500 in 1958.