Buffett's $2B Giveaway: Less is More
Warren Buffett is giving more this year, even though he is giving less.
A news release a short time ago from Berkshire Hathaway reveals that today Buffett gave just over 572,000 shares of Class B shares (currently trading at about $3700 each ) to five foundations, with most of them going to the Bill and Melinda Gates Foundation. It's part of his pledge made just over a year ago to eventually give away 85% of his Berkshire stock.
At that time, Buffett said he would decrease the number of shares given to each foundation each year by 5%. But since then the stock has gone up by more than 5% so the current dollar amount of the gift, $2.12 billion, is "somewhat greater" than the value of last year's 602,500 share installment.
Of course, Buffett was counting on that to happen, as recounted in a Fortune Magazine piece revealing his philanthropic plans.
Questions? Comments? Email me at email@example.com