Warren Buffett explains his $750 million charitable donation on Thanksgiving night

Warren Buffett

Gerard Miller | CNBC

Warren Buffett donated more than $750 million in Berkshire Hathaway stock to four foundations affiliated with his family on Thanksgiving night, and the legendary investor said the timing was no coincidence, as this is his way of thanking his children for their charitable work.

“I have a personal pride in how my kids turned out,” Buffett told CNBC’s Becky Quick. “I feel good about them knowing that I feel good about them. This is the ultimate endorsement in my kids and it’s the ultimate statement that my kids don’t want to be dynastically wealthy.”

The 92-year-old investor donated 1.5 million Class B shares of his conglomerate to the Susan Thompson Buffett Foundation, named after his first wife. He also gave 300,000 Class B shares each to the three foundations run by his children: the Sherwood Foundation, the Howard G. Buffett Foundation and the NoVo Foundation.

The recipients this time did not include the Bill & Melinda Gates Foundation. The “Oracle of Omaha” has pledged to give away his fortune over time and has made annual donations to the same five charities since 2006.

In June, he gave 11 million Class B shares to the Gates Foundation, 1.1 million Class B shares to the Susan Thompson Buffett Foundation and 770,218 shares each to his children’s three foundations.

Add a Comment

Your email address will not be published. Required fields are marked *