Warren Buffett Donates $4.1 Billion, Steps Down as Trustee of Gates Foundation The donation, in the form of annual gifts, will go to five different foundations.
By Euni Han Edited by Emily Rella
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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."
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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."
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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.
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