Buffett Converts Class A Shares to Donate $1.14 Billion to Family Foundations

Nov 25, 2024, 01:41 PM

Warren E. Buffett, who has amassed a personal fortune of $150 billion, has announced plans to donate approximately $1.14 billion worth of Berkshire Hathaway shares to four family foundations, fulfilling part of a charitable pledge he made nearly two decades ago. This donation includes the conversion of 1,600 Class A shares into 2.4 million Class B shares, reducing his Class A holdings to 206,363 shares, a 56.6% decrease since his 2006 pledge. Buffett has also named three potential successor trustees to oversee his philanthropy in the event his children cannot fulfill this role, emphasizing his commitment to not creating a 'dynastic' wealth and ensuring his fortune is distributed responsibly.