Warren Buffett's Big Heart: $6 Billion Gift to Charities

Warren Buffett, the well-known investor, has done something amazing again. He gave away $6 billion worth of his company's stock to five different foundations. This is not new for him. Since 2006, he has given away about $60 billion in total to these foundations. He announced this on a Friday evening. The stocks from Berkshire Hathaway, his company, will be given out on Monday. Berkshire Hathaway owns many well-known businesses like Geico and Dairy Queen. Buffett is giving away nearly 12. 4 million Class B shares. These shares are easier to understand and cheaper than the original Class A shares. Each B share was worth $485. 68 on Friday. Most of the shares, about 9. 4 million, are going to the Bill & Melinda Gates Foundation Trust. The rest are split among four other foundations: the Susan Thompson Buffett Foundation, the Sherwood Foundation, the Howard G. Buffett Foundation, and the NoVo Foundation. Last year, Buffett surprised everyone by saying he won't donate to the Bill & Melinda Gates Foundation after he dies. Instead, his three children will decide how to use the rest of his money. Berkshire Hathaway's Class B stock has gone up by 19. 1% in the last year. This is higher than the general U. S. stock market's return of 14. 1%, including dividends. Buffett is known for buying companies at good prices and being careful with his money. This has helped him become very wealthy, with most of his fortune in Berkshire Hathaway's stock. Buffett said, "Nothing special happened at Berkshire. A long-term plan, simple and good decisions, the American advantage, and the power of compounding made me rich. " He also mentioned that almost all of his estate will go to charity.