Gerard Miller | CNBC
Warren Buffett donated more than $750 million in Berkshire Hathaway stock to four foundations associated with his family on Thanksgiving eve, and the legendary investor said the timing was no accident because this is his way of thanking his children for their philanthropy.
“I have a personal pride in how my kids turn out,” Buffett told CNBC’s Becky Quick. “I feel good about the fact that they know I feel good about them. This is the ultimate endorsement for my kids, and it’s the ultimate statement that my kids don’t want to be dynamically wealthy.”
The 92-year-old investor donated 1.5 million Class B shares of his portfolio to the Susan Thompson Buffett Foundation, which is named after his first wife. He also gave 300,000 Class B shares to each of the three foundations run by his children: the Sherwood Foundation, the Howard G. Buffett Foundation, and the Novo Foundation.
This time, the beneficiaries did not include the Bill & Melinda Gates Foundation. The Oracle of Omaha has pledged to give away his fortune over time and has made annual donations to the same five charities since 2006.
In June, he gave 11 million Class B shares to the Gates Foundation, 1.1 million B shares to the Susan Thompson Buffett Foundation and 770,218 shares to each of his three children’s foundations.