Warren Buffett and his generosity with $BRK-A+1.2% $BRK-B+1.3%
This investing legend has given an annual gift to five foundations, bringing his total charitable giving to $50 billion already. Which is more than his fortune was in 2006 when he first planned these grants.
On Thursday, Buffett said he transferred more than 9,000 shares of $BRK-A+1.2% to $BRK-B+1.3% to match 13.7 million Class B shares to the five foundations. 10.5 million shares were donated to the Bill & Melinda Gates Foundation Trust. In addition, 1.05 million shares were donated to the Susan Thompson Buffett Foundation, named after his first wife, who died in 2004. Another 2.2 million shares were divided equally among three foundations run by his children: the Sherwood Foundation, the Howard G. Buffett Foundation and the NoVo Foundation.
Shares of $BRK-B+1.3% were trading at $336 apiece at 1:30 p.m. Thursday, which are very nice donations.
Berkshire Hathaway
BRK-BIn a 2006 letter, Buffett pledged to donate Berkshire B stock to the Bill and Melinda Gates Foundation each year during his lifetime.
"I have not bought or sold any A or B stock during the next 17 years, and I have no intention of doing so. These five foundations received Berkshire B shares, which were worth about $50 billion when received, substantially more than my entire net worth in 2006," Buffett said. "I have no debt and my remaining A shares are worth about $112 billion, well over 99% of my net worth."
"Nothing extraordinary has happened at Berkshire; a very long runway, simple and generally correct decisions, American tailwinds and compounding effects have created my current wealth," Buffett said. "My will stipulates that more than 99 percent of my estate is designated for philanthropic use."
Well, he's just a guy with a big heart, and not just because of that, but overall, his lifestyle, his story, and how he stood fiercely for his way of investing from a young age will be something that will remain in this world long after his death. He is a great man that a lot of people look up to. 😊
Have a great Sunday friends, relax, get your energy out in the fresh air, sunshine and don't forget to move. 😁 Next week, let it be green. 🍀
Like this, generosity... I don't know how they do it in the US, but here you can put donations to charity as a tax expense... so you just don't give the money to the government, but to another company... but on the surface, of course, he seems like a do-gooder.)
For this he has my great admiration. You don't just see that.
Well 99% is really extreme, I don't give a damn, but I understand the reasoning. Kids have their income and responsibilities. And so the only thing else they can do with the money is charity which can then be seen as accepting responsibility for the welfare of not only their family but all their "neighbors". Respect 👍
The question that comes to my mind here is, how do you intend to use the money you have invested one day?