By Ben Glickman
Warren Buffett plans to donate an additional $1.14 billion worth of Berkshire Hathaway stock to four charities, the company said Monday, the latest gift by the investor.
Berkshire Hathaway said that 1,600 of Buffett's Class A shares would be converted to 2.4 million B shares in order to be gifted.
The Susan Thompson Buffett Foundation will receive 1.5 million shares, valued at about $714.9 million, based on the Friday closing price of $476.57. Buffett plans to donate 300,000 shares each to the Sherwood Foundation, the Howard G. Buffett Foundation and the NoVo Foundation, with each gift valued at about $143 million.
Buffett said in comments to shareholders that the gifts reduced his holdings of Class A shares to 206,363, which represents a 57% decrease since his pledge in 2006 to use more than 99% of his wealth for philanthropy.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
11-25-24 0909ET