Warren Buffett, CEO of Berkshire Hathaway Inc, announced on Monday that he will donate an additional $1.1 billion of his company’s stock to four family foundations.
As part of his commitment to give away 99% of his wealth rather than leave it as an inheritance to his three children, Buffett said he would convert 1,600 A shares of Berkshire Hathaway Inc. into 2,400,000 B shares, which he will then distribute to four family foundations. The Susan Thompson Buffett Foundation will receive 1,500,000 shares, while the Sherwood Foundation, the Howard G. Buffett Foundation and the NoVo Foundation will each receive 300,000 shares.
“I have never wanted to create a dynasty or have a plan that extends beyond the children. I know the three of them well and trust them completely. Future generations are a different matter,” said the American investor, explaining his reluctance to create a family wealth dynasty.
