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Warren Buffett is giving away more billions as he steps down as trustee at Gates Foundation.
On Wednesday, the 90-year-old businessman and investor announced he’s donating $4.1 billion worth of Berkshire Hathaway shares to five foundations. He also mentioned he would be resigning as the trustee at the Bill & Melinda Gates Foundation.
Back in 2006, Buffett promised to give away all his shares of his Berkshire as annual gifts to Bill & Melinda Gates Foundation, Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation. This is now the halfway point since he announced he’d be giving away his shares; he previously owned 474,998 Berkshire shares, and now he owns 238,624 shares which comes out about $100 million.
“Today is a milestone for me,” Buffett said in a statement. “In 2006, I pledged to distribute all of my Berkshire Hathaway shares — more than 99% of my net worth — to philanthropy. With today’s $4.1 billion distribution, I’m halfway there.”
This move comes after Gates and Melinda continue to hash out their divorce. “For years, I have been a trustee — an inactive trustee at that — of only one recipient of my funds, the Bill and Melinda Gates Foundation (BMG). I am now resigning from that post, just as I have done at all corporate boards other than Berkshire’s,” Buffett said. “The CEO of BMG is Mark Suzman, an outstanding recent selection who has my full support. My goals are 100% in sync with those of the foundation, and my physical participation is in no way needed to achieve these goals.”
