Warren Buffett’s annual donation of Berkshire Hathaway stock to five worthy foundations has come to a total this year of $3.4 billion.
In a press release, Berkshire Hathaway revealed that Buffett had 11,867 of his Class A shares into around $17.8 million Class B shares in order to make the donations.
Based on a donation scheduled established by Buffett back in 2006, when the multi-billionaire made a pledge give away the bulk of his fortune in the coming decades, the Bill and Melinda Gates Foundation will be getting a large majority of the shares.
Back to Warren Buffett and his donations, at Monday’s closing price of $24.5 billion coming out to an average of $100.61 per share.
The total value by using current stock price alone, would total around $46.7 billion.
There are four other family foundations receiving stock from Buffett along with the Gates foundation. These charities include: the Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G Buffett Foundation and the NoVo Foundation.
Berkshire stated that along with this years donations, “gifts”, the five different foundations have also reicived about 43 percent of Buffett’s 2006 holdings that have a market value of around $31 billion.
During the 2007 Berkshire shareholder meeting, Buffett explained why he decided to start to “farm out” his vast amount of wealth through philanthropy and his ability to donate to close friends such as Bill Gates, and family members.
“When I have money to give away, I believe in turning it over to people who are…energized, working hard at it, smart….doing it with their own money, the whole thing. And I get to keep doing what I like doing. So as far as I’m concerned, I haven’t given away a penny.”