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Warren Buffett has pledged to donate $ 4.1 billion worth of Berkshire Hathaway (NYSE: BRK.A) shares to five separate foundations. Buffett has also submitted his resignation from the Gates foundation.
Earlier, Warren Buffett was employed as a trustee at the Gates Foundation, however, with the recent change, Buffett had submitted his resignation and had donated a sum of $4.1 billion worth of Berkshire Hathaway (NYSE: BRK.A) shares to five different foundations.
Buffet who is famous for his philanthropic activities had previously pledged to donate all the proceedings of Berkshire Hathaway shares through annual gifts to notable charity organizations such as Melinda and Bill Gates Foundation, Susan Thompson Buffett Foundation NoVo Foundation, and Howard G Buffett Foundation.
Buffett Donates Berkshire Hathaway Shares to Charity
Back in the day, Warren Buffet is said to have owned 474,988 Berkshire Hathaway “A” Shares. In a recent interview, Buffett proclaimed that he owns roughly 238,624 shares with a sum amounting to US$ 100 Million.
In a statement issued on Wednesday, Buffett commented how it was a milestone victory for him as he was able to donate $4.1 Billion of the total Berkshire Hathaway Shares. In 2006, Buffett had also made an active promise to donate 99% of his net worth to charity and humanitarian organizations.
The philanthropic works of Buffett revolve around five leading charitable organizations segregated under 16 annual submissions amounting to $41 Million. These five foundations have received the money donated by Buffett which will be utilized for charitable works and dispositions.
Warren Buffett Resigns from His Position as a Trustee of Gates Foundation
Following the news of Buffett’s donation, another news of him resigning from the Gates Foundation has also come to light. The Oracle of Omaha announced his resignation from the gates foundation. The recent development has surfaced at the time when the foundation is grappling with the divorce of its founder Bill and Melinda Gates.
Buffett claimed how he has been an active member of the foundation for years. Extending his support to the CEO of BMG foundation Mark Suzman, he further commented how his goals will always align with the vision of the foundation, and his physical presence is not needed anymore to facilitate the day-to-day proceedings of the foundation.
Berkshire “A” shares have recently attained their highest record high with a 20℅ rise in prices. The shares’ record price has been anticipated to be caused by the recent pandemic hit that helped the shares to earn a stable price position.