Warren Buffett Donates $6 Billion in Record-Breaking Philanthropic Pledge

As of last week, Berkshire Hathaway B shares (BRK.B) edged up by 0.13%. Over the past week, the shares increased by 0.17%, with a year-to-date rise of 7.15%. The latest market capitalization stands at $1.047 trillion.

Warren Buffett has made headlines with his substantial donation of Berkshire Hathaway B shares worth $6 billion to five foundations, including the Gates Foundation and four family charities. This marks his largest annual donation since he began philanthropy nearly two decades ago. Following this donation of approximately 12.36 million shares, Buffett's total contributions to charity have topped $60 billion.

The recent charitable act includes 9.43 million shares for the Gates Foundation and 943,384 shares for the Susan Thompson Buffett Foundation. Additionally, Buffett has endowed three charities headed by his children, each with 660,366 shares of Berkshire B stock. Despite these generous donations, reports indicate that Buffett retains 13.8% ownership of the company.

Before this donation, Buffett's net worth was estimated at $152 billion, placing him as the world's fifth-richest individual. In a statement, Buffett emphasized his commitment to holding his Berkshire stock rather than selling it.

Buffett, now 94 years old, began his philanthropy journey in 2006. Last year, he revised his will to entrust 99.5% of his remaining estate to charitable trusts managed by his children upon his passing.

Since 1965, Buffett has steered Berkshire Hathaway from its Omaha, Nebraska headquarters. This immense conglomerate, worth around $1 trillion, boasts ownership of nearly 200 subsidiaries, including well-known names like Geico auto insurance and BNSF railway. Furthermore, the company holds significant stakes in major corporations such as Apple and American Express.