NEW YORK (AP) — Famed investor Warren Buffett is donating $6 billion worth of his company’s stock to five foundations, bringing the total he has given to them since 2006 to roughly $60 billion, based on their value when received.
Buffett said late Friday that the shares of Berkshire Hathaway will be delivered on Monday. Berkshire Hathaway owns Geico, Dairy Queen and a range of other businesses, and Buffett is donating nearly 12.4 million of the Class B shares of its stock. Those shares have a lower and easier-to-digest price tag than the company’s original Class A shares, and each of the B shares was worth $485.68 at their most recent close on Friday.
The largest tranche is going to the Bill & Melinda Gates Foundation Trust, which will receive 9.4 million shares. The Susan Thompson Buffett Foundation will receive 943,384 shares, and the Sherwood Foundation, Howard G. Buffett Foundation and NoVo Foundation will each receive 660,366 shares.
This motherfucker needs to pay some taxes.
It’s not charity. Billionaires put their assets in foundations because they can use them as a proxy to manage their welth so in case they die their family pays no inheritance tax. Four out of five foundations listed here are controlled by buffetts. I just don’t understand the donation to Bill and Melinda Gates Foundation, but it probably not for good reason ethier.
I hadn’t considered that. Good info, and thank you.
