Warren Buffett will donate $3.6 billion of his Berkshire Hathaway shares
, thanks to his investment conglomerate Berkshire Hathaway, which owns stakes in household names including Dairy Queen, American Airlines and Kraft Heinz. On Monday, he pledged to give away $3.6 billion of it, continuing his quest to donate over 99% of his fortune to charity.
The gift will be Buffett’s biggest donation ever, topping the $3.4 billion he gave away last summer. A cofounder of the Giving Pledge—which asks billionaires to commit at least 50% of their wealth to philanthropy during their lifetimes or in their wills—Buffett promised in 2006 that he will gradually give away all of his Berkshire Hathaway stock to charitable foundations.
Per Berkshire Hathaway, Buffett is converting 11,250 of his Class A shares into 16,875,000 of Class B shares, which are worth roughly $3.6 billion using today’s stock prices. Aside from the Gates Foundation, the recipients of the Berkshire Hathaway chairman’s generosity will be the Susan Thompson Buffett Foundation, the Sherwood Foundation, the Howard G. Buffett Foundation and the NoVo Foundation.
Even after Buffett completes the massive gift, the shrewd investor will still keep his spot among the world’s richest. He is $17 billion ahead of the fifth richest person on the planet, Facebook cofounder, who has also pledged to give away 99% of his Facebook shares. While both classes of Berkshire Hathaway’s stock rose roughly 15% in the past 12 months, Facebook’s shares edged down 0.5%, giving Buffett a secure hold on the No.4 spot.
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