Warren Buffett Reduces Berkshire Hathaway Holdings by 56.6% to 206,363 Shares

Nov 25, 2024, 12:15 PM

Warren E. Buffett, the chairman and CEO of Berkshire Hathaway, announced a significant reduction in his holdings of the company's Class A shares. Buffett will convert 1,600 Class A shares into 2.4 million Class B shares and 600 Class A shares into 2.4 million Class B shares, which will be donated to four family foundations. This move reduces his Class A holdings to 206,363 shares, marking a 56.6% decrease since his 2006 pledge. Additionally, Buffett has designated three potential successor trustees to oversee his philanthropy, emphasizing his commitment to gradually distributing all of his Berkshire holdings upon his death. He has also made a strong case against creating dynastic wealth by naming three independent trustees to oversee his philanthropy and donating another $1.1 billion.