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Warren Buffett Gives Thanks with $870 Million Donation to Family-Run Foundations

Eugene Park Views  

Known as the “genius of investment,” Warren Buffett, the chairman of Berkshire Hathaway, donated Berkshire stocks worth $870 million to his family’s charitable foundations to celebrate Thanksgiving.

On November 21st (local time), U.S. economic news outlet CNBC reported that Buffett donated Berkshire Hathaway Class B stocks to four foundations, including the Susan Thompson Buffett Foundation, named after his late first wife, and others run by his children.

He offered 1.5 million shares of Berkshire Class B stocks to the Susan Thompson Buffett Foundation. For the Sherwood Foundation, the Howard G. Buffett Foundation, and the NoVo Foundation, all run by his children, he donated 300,000 shares each.

In a statement, Buffett said, “This is part of the lifetime pledge I made in 2006,” adding, “It continues until my death.” The 93-year-old added, “I’m feeling good, but I fully understand I’m in overtime.”

Buffett has been leading Berkshire, based in Omaha, Nebraska, since 1965. Known as the “Oracle of Omaha,” he pledged to donate more than 99% of his wealth and has been making annual donations to the four family foundations since 2006. Last year, just before Thanksgiving, he donated Berkshire stocks worth $759 million to these foundations.

In a letter to shareholders, Buffett reaffirmed his pledge to donate more than 99% of his wealth, stating that his children would carry on his will.

Furthermore, he emphasized in a shareholder letter that the corporate value of Berkshire, built over the past 60 years, will continue to exist. Buffett said, “Berkshire is a company built to last,” adding that while his influence is significant now, the company itself is so solid that even without his oversight, it will “soon gain a fair reputation (in corporate value).” This reassured shareholders that even if he steps down from the chairmanship due to his advanced age, the company will maintain its high value.

He also spoke highly of Greg Abel, the vice-chairman of the non-insurance business sector, who has been designated as his successor, saying he is currently handling most of the responsibilities.

Meanwhile, according to Forbes, a U.S. economic magazine, Buffett’s wealth is estimated at $120.5 billion, making him the fifth richest person in the world.

By. Kwon Hae Young

Eugene Park
content@www.kangnamtimes.com

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