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Buffett's donation to charities

Buffett's donation to charities

Billionaire investor Warren Buffett has donated 1.9 billion US dollars (£1.25 billion) worth of his Berkshire Hathaway stock to five charitable foundations.
Mr Buffett donated most of the shares - 20.4 million - to the Bill & Melinda Gates Foundation, while the rest went to his own foundation and those run by his three children.
His gift of 24.5 million Class B shares of stock in his company was made on Thursday to the five foundations to which he has promised the bulk of his 45 billion US dollar (£30 billion) fortune.
Mr Buffett now holds 350,000 Class A shares and 50.4 million Class B shares of stock in Berkshire Hathaway, after the donation.
In accordance with the plan he announced in 2006, Mr Buffett gives each foundation 5% of the total donation on an annualised basis each July.
The 79-year-old investor pledged in 2006 to give away 99% of his fortune to philanthropic causes.
Copyright © Press Association 2010

http://www.berkshirehathaway.com/ (Berkshire Hathaway)

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