Warren Buffett donates over US$750 million in Berkshire Hathaway stock to charities

Buffet gave 1.5 million Class B shares in Berkshire Hathaway to the Susan Thompson Buffett Foundation, named after his first wife

Three charities run by his children – the Sherwood Foundation, the Howard G Buffett Foundation and the NoVo Foundation – received 300,000 Class B shares apiece

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Warren Buffett, chairman and CEO of Berkshire Hathaway, speaks during a game of bridge following the annual Berkshire Hathaway shareholders meeting on May 5, 2019, in Omaha, Nebraska. Photo: AP Photo

Published: 8:51am, 24 Nov 2022

Billionaire investor Warren Buffett donated more than US$750 million in Berkshire Hathaway stock to four foundations run by his family on Wednesday, but unlike his annual gifts to charity each summer, the recipients did not include the Bill & Melinda Gates Foundation.

Buffett has been making annual donations to the same five charities every year since 2006 when he unveiled a plan to give away his fortune over time, with the Gates Foundation receiving the biggest donations. Wednesday’s donations mark the first time the 92-year-old has made a second major gift within the same year.

A filing with the Securities and Exchange Commission showed Buffett gave 1.5 million Class B shares in the Omaha, Nebraska-based conglomerate he leads to the Susan Thompson Buffett Foundation, named for his first wife. He also gave 300,000 Class B shares apiece to the three foundations run by his children: the Sherwood Foundation, the Howard G Buffett Foundation and the NoVo Foundation.

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

Berkshire Hathaway owns stakes in dozens of companies including Coca-Cola. Photo: May Tse

It was not immediately clear what prompted the new donations this week, and Buffett did not immediately respond on Wednesday to questions about them. The Gates Foundation and the Buffett family foundations that received the gifts also did not immediately respond to questions.

The only other major change Buffett has made to his giving plans over the years came a decade ago when he significantly increased the amount pledged to the foundations his children run because he was pleased with what they had done with his money.