 "Buffett's charity scorecard: Add another $1.5 bn to it")
When it comes to giving, investor Warren Buffett believes in leading by example. On Thursday, he left no one in doubt as to where his priorities lie when he donated another $1.5 billion to the Bill & Melinda Gates Foundation. This is part of his broader gameplan to give away 99 percent of his wealth, which all started in 2006.
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A filing with the US Securities and Exchange Commission gives you a sense of what is on offer: Buffett marked 19.34 million Class B shares of his insurance and investment company Berkshire Hathaway to the Gates Foundation. Founded by Bill Gates, the co-founder of Microsoft Corp and a Berkshire director, and his wife Melinda, the philanthropic body is dedicated to addressing education, health and poverty problems.
The B shares closed up $1.25 at $77.77 while Berkshire Class A shares closed up $1,840 at $116,640. Buffett, 80, annually donates smaller sums at about the same time of year to four family charities. These include the Susan Thompson Buffett Foundation, named for Buffett’s late first wife, and foundations for their children Howard, Peter and Susan.
Berkshire was not able to immediately provide further information about these donations, which are typically disclosed in SEC filings. Buffett is the world’s third-richest person, with a $50 billion net worth, Forbes magazine said in March.
Impact Shorts
More ShortsThe Gates Foundation said it employs 927 people, spent $2.6 billion last year, and has a $37.1 billion endowment. Buffett expects the foundation to spend his gifts, which have totalled roughly $9.5 billion. The number of shares that Buffett donates declines by 5 percent each year.
(With inputs from Reuters)
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