Buffet is no stranger to the creation or donation of wealth.
Recently, the billionaire donated $3.4 billion to charity. How did his philanthropy change the world? His important gift is per his 2006 letters to donate Berkshire Hathaway stock for good causes that create social good and meaningful impact. It is currently valued at the above sum.
To make the donation this year, Buffett converted 11,867 of his Berkshire Hathaway Class A shares into 17,800,500 Class B shares. 17,696,780 of these Class B shares were donated to a total of five foundations: the Susan Thompson Buffett Foundation, Bill & Melinda Gates Foundation, Sherwood Foundation, the NoVo Foundation, and the Howard G. Buffett Foundation.
With this contribution, the billionaire’s donations now comprise about 43% of the 2006 Berkshire holdings in these foundations. The total value of the gifts, including this one and at the time of the donation, amounts to around $31 billion.
Buffett’s present, however, is part of a bigger philanthropic strategy that has inspired the rich and famous around the world to donate part of their fortunes to help create positive and sustainable social change. His gift is part of an ongoing financial commitment that started with the organization The Giving Pledge, founded by him and the Gates couple.