Warren Buffett donates $1.3 billion ahead of CEO transition
Warren Buffett just donated more than $1.3 billion in Berkshire Hathaway shares to four family foundations, sticking to his promise of giving most of his fortune to charity.
This move comes as he gets ready to step down as CEO at the end of the year.
Donation details
Buffett split the donation by converting 1,800 Class A shares into 2.7 million Class B shares.
The biggest chunk—1.5 million shares—went to the Susan Thompson Buffett Foundation, named after his late wife.
The rest was shared equally among foundations run by his kids: Susan (Sherwood Foundation), Howard (Howard G. Buffett Foundation), and Peter (NoVo Foundation).
Transition to Greg Abel
Buffett will hand over Berkshire Hathaway's leadership to Greg Abel at the end of the year.
He'll stop writing those famous annual letters and speaking at meetings but still plans to share thoughts with shareholders through his Thanksgiving letters.