In 2006, Warren Buffett made a pledge to gradually give the bulk of his wealth from Berkshire Hathaway, Inc. away to charity. By donating $1.78 billion to several charities, he is keeping in line with his pledge.
The biggest charity to see Buffett’s wealth is the Bill and Melinda Gates Foundation which focuses on bringing innovations to health, development and learning to the global community. Buffett donated 23. 31 million class B shares from Berkshire Hathaway, Inc. with 19.34 million of them going to the Bill and Melinda Gates Foundation. The shares closed on Wed. at $76.52 when the donations were made.
The other charities to see some of Buffett’s wealth include his private family charities. The Susan Thompson Buffett Foundation, a charity in honor of Buffett’s late wife, will see a portion of Buffett’s giving pledge as well as the foundations of his children Howard, Peter and Susan.
Each charity focuses on different work throughout the world. The Susan Thompson Buffett Foundation focuses on outstanding teachers and college scholarships. The Howard Buffett Foundation focuses on the standard of living and quality of life in impoverished areas. The NoVo Foundation (Peter and wife Jennifer’s foundation) works to empower women and girls and end violence and exploitation. Susan Alice works as a philanthropist for multiple foundations including the Sherwood Foundation which focuses on public education, human services and social justice for children.
Over the years the legendary investor has donated over $11 billion in shares from Berkshire Hathaway, Inc. to charitable foundations. According to his pledge the shares he donates will have, “… a huge effect on the health and welfare of others. That reality sets an obvious course for me and my family: Keep all we can conceivably need and distribute the rest to society, for its needs. My pledge starts us down that course.”