Buffett Donates Another 1 Trillion Won... Fulfilling Promise to Give Away 99% of Wealth

Stock Donations to Four Family-Run Charitable Organizations

Warren Buffett, known as an investment genius, donated about $866 million (1.1 trillion KRW) worth of Berkshire Hathaway (Berkshire) shares, where he serves as chairman, to four family charitable foundations ahead of this year's Thanksgiving.

Donates 1.1 Trillion KRW Worth of Shares to Four Family Foundations

Warren Buffett, Chairman and Chief Executive Officer (CEO) of Berkshire Hathaway.
[Photo by AP News]

According to major foreign media including the U.S. economic outlet CNBC on the 21st (local time), Berkshire announced that Buffett donated 1.5 million Class B shares of the company to the Susan Thompson Buffett Foundation.

This foundation is named after Warren Buffett's late wife, who passed away in 2004, and supports activities related to childbirth and health.

Additionally, the same stock of 300,000 shares each, totaling 900,000 shares, was delivered to three other foundations run by his three children: Howard (Howard G. Buffett Foundation), Susan (Sherwood Foundation), and Peter (NoVo Foundation).

The Howard G. Buffett Foundation focuses on hunger eradication, conflict mitigation, human trafficking issues, and public safety. The Sherwood Foundation supports nonprofit organizations in Nebraska, and the NoVo Foundation concentrates on supporting girls and women.

Earlier, Chairman Buffett promised in 2006 to donate more than 99% of his entire fortune during his lifetime or upon death, and has been donating about 5% of his held shares annually. At the time of his first donation, he gave away 43% of his Berkshire shares, which was valued at $46 billion (about 59.76 trillion KRW) at that time.

Buffett also donated Berkshire shares worth $759 million (980 billion KRW) to these foundations around Thanksgiving last year.

Buffett: "I Know I'm Playing in Extra Innings"... Successor Selected but Still Active

Buffett sent a letter to shareholders reaffirming his promise to donate more than 99% of his wealth to charitable organizations and stated that his children will execute his will. It is rare for him to write letters to shareholders.

Buffett explained that Berkshire was built to last, so shareholders can be reassured.

In the letter, he also said, "At 93 years old, I feel good but am well aware that I am playing in extra innings."

Buffett, 93, chairman and CEO of Berkshire, has already chosen his successor but remains active.

He also wrote, "We have the right CEO and the right board of directors."

At Berkshire, current Vice Chairman Greg Abel (61) is expected to succeed Buffett as CEO, and his son Howard will become non-executive chairman.

According to the economic magazine Forbes, Buffett's fortune is $120.5 billion (162 trillion KRW), making him the 5th richest person in the world.

Buffett has led Berkshire, headquartered in Omaha, Nebraska, since 1965. Berkshire owns dozens of companies including industries such as railroads and auto insurance, energy, and consumer companies like dairy products.

Berkshire currently holds stocks worth over $318 billion (411 trillion KRW), about half of which are Apple shares.

This content was produced with the assistance of AI translation services.