Warren Buffett's $6 Billion Charity Gift Marks Largest Single-Year Donation of His Philanthropy

Warren Buffett, one of the richest people in the world, is giving away $6 billion in stock to five charities. This is the biggest single donation he has made so far in his long history of giving.

Buffett, 94, said the stock gifts from his company, Berkshire Hathaway, will be delivered on Monday. The donation includes nearly 12.4 million shares of Class B stock, each worth about $486 as of Friday's market close.

The biggest part of this gift—about 9.4 million shares—is going to the Bill & Melinda Gates Foundation Trust.

The other four foundations receiving shares are connected to Buffett's late wife and his three children: the Susan Thompson Buffett Foundation, the Sherwood Foundation, the Howard G. Buffett Foundation, and the NoVo Foundation, Fortune said.

Buffett started giving away his wealth in 2006 and has now donated about $60 billion worth of Berkshire stock to these five groups.

"The five foundations have received Berkshire B shares that had a value when received of about $60 billion, substantially more than my entire net worth in 2006," Buffett said.

Warren Buffett Reaffirms $145B Pledge to Charity

This latest donation is part of Buffett's promise to give away most of his fortune.

In 2010, he partnered with Bill and Melinda Gates to launch the Giving Pledge, an initiative urging the world's richest individuals to commit to donating at least half of their wealth to charitable causes.

According to AP News, even after all his donations, Buffett is still very wealthy. He owns about 198,000 Class A shares of Berkshire Hathaway, plus some B shares.

His total net worth is estimated at $145 billion. He has said he plans to leave about 99.5% of his estate to charities after he dies.

"Nothing extraordinary has occurred at Berkshire," Buffett explained. "A very long runway, simple and generally sound decisions, the American tailwind and compounding effects produced my current wealth."

Berkshire Hathaway has a diverse portfolio that includes several recognizable brands, such as Geico and Dairy Queen. The company's stock has grown more than 19% over the past year.

Buffett also shared that he will step down as CEO of Berkshire Hathaway by the end of 2025. Greg Abel, Warren Buffett's longtime deputy, is set to take the reins.

Still, Buffett has made it clear that he has no plans to sell any of his shares. He plans to continue giving them away.

Originally published on vcpost.com