07:52 AM EST, 11/25/2024 (MT Newswires) -- Berkshire Hathaway (BRK.A, BRK.B) said Monday Chief Executive Officer Warren Buffett will convert 1,600 of his class A shares in the company to 2.4 million class B shares to be donated to four of his family foundations.

Of the class B shares, 1.5 million class B shares will be donated to The Susan Thompson Buffett Foundation, while 300,000 class B shares will go to each of The Sherwood Foundation, The Howard G. Buffett Foundation and NoVo Foundation.

Buffett said the conversion will reduce his class A shares in Berkshire Hathaway to 206,363 shares.