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Warren Buffett said Wednesday that he will donate $4.1 billion of Berkshire Hathaway stock to five foundations, and that he is stepping down as a trustee at the Bill & Melinda Gates Foundation.
This year’s donation represents the midway point for the 90-year-old Oracle of Omaha, who in 2006 pledged to give away all of his Berkshire stock through annual gifts to the Bill & Melinda Gates Foundation, Susan Thompson Buffett Foundation, Sherwood Foundation and Howard G The Buffett Foundation and the Nouveau Foundation. At the time, Buffett owned 474,998 shares of Berkshire A. He said today he owns 238,624 shares, valued at approximately $100 billion.
“Today is a milestone for me,” Buffett said in a statement. “In 2006, I pledged to distribute all of my Berkshire Hathaway shares – over 99% of my net worth – to charity. With today’s distribution of $4.1 billion, I’m halfway there.”
Buffett’s resignation as Secretary of the Gates Foundation comes as the charity faces a turbulent time with the divorce of its founders.
“For years, I was a trustee — an inactive trustee at the time — to only one recipient of my money, the Bill & Melinda Gates Foundation (BMG). I am now resigning from this position, just as I have done on all corporate boards other than Berkshire,” Buffett said. “The CEO of BMG is Mark Susman, who is a great talk pick and has full support. My goals are 100% compatible with those of the Foundation, and my physical involvement is in no way necessary to achieve these goals.”
Bill Gates, co-founder and former CEO of Microsoft, and his wife Melinda French Gates announced their divorce in May. The pair, along with Buffett, were the creators of Giving Pledge, a program that requires participants to give away more than half of their fortune.
Buffett said his 16 annual contributions to the five institutions over the years were valued at $41 billion when disbursed. Buffett is Berkshire’s largest shareholder, owning about 39% of Class A shares, according to FactSet.
Berkshire A shares rebounded more than 20% to a record high in 2021 as many of the conglomerate’s businesses recovered better than expected from the pandemic.
“I’m an optimist,” Buffett said. “Despite the many naysayers – as they have done all my life – America’s best days certainly lie ahead.” “Philanthropy will continue to connect human talent with financial resources. So will business and government. Each strength has its strengths and weaknesses. Combined, it will make the world a better place – a much better place – for generations to come.”
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