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Buffett donates $6 billion in Berkshire stock to charities
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Buffett's total charitable giving exceeds $60 billion
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Children to oversee charitable trust after Buffett's death
By Jonathan Stempel
June 27 (Reuters) - Warren Buffett donated on Friday
another $6 billion of Berkshire Hathaway ( BRK/A ) stock to the
Gates Foundation and four family charities, his biggest annual
donation since he began giving away his fortune nearly two
decades ago.
The donation of about 12.36 million Berkshire Class B shares
boosted Buffett's overall giving to the charities to well over
$60 billion.
He donated 9.43 million shares to the Gates Foundation;
943,384 shares to the Susan Thompson Buffett Foundation; and
660,366 shares to each of three charities led respectively by
his children Howard, Susie, and Peter: the Howard G. Buffett
Foundation, Sherwood Foundation and NoVo Foundation.
Warren Buffett still owns 13.8% of Berkshire's stock, based
on reported shares outstanding.
His $152 billion net worth prior to Friday's donations made
him the world's fifth-richest person, according to Forbes
magazine.
Buffett would rank sixth after the donations, which
surpassed the $5.3 billion he donated last June. He donated
another $1.14 billion to the family charities last November.
In a statement, Buffett maintained he does not intend to
sell any Berkshire shares.
Now 94, Buffett began giving away his fortune in 2006.
He changed his will last year, designating 99.5% of his
remaining fortune after his death to a charitable trust overseen
by his children.
They will have about a decade to distribute the money, and
must decide where it goes unanimously. Susie Buffett is 71,
Howard Buffett is 70, and Peter Buffett is 67.
Warren Buffett has led Omaha, Nebraska-based Berkshire since
1965.
The $1.05 trillion conglomerate owns close to 200 businesses
including Geico car insurance and the BNSF railroad, and dozens
of stocks including Apple ( AAPL ) and American Express ( AXP ).
Susie Buffett leads the Susan Thompson Buffett Foundation,
which funds reproductive health and is named for her mother, who
was Warren Buffett's first wife.
The Sherwood Foundation supports Nebraska nonprofits and
early childhood education. The Howard G. Buffett Foundation
focuses on global hunger, combating human trafficking and
mitigating conflicts. The NoVo Foundation has initiatives
focused on marginalized girls and women, and on indigenous
communities.
Buffett said last June that donations to the Gates
Foundation would end when he dies.