Warren Buffett, 94, world's 8th richest man, makes major $6 billion decision

Warren Buffett, the world's eighth richest man, has revealed he will now be giving away $6 billion to five charities by the end of the month.

The 94-year-old philanthropist announced in a press release that he is giving away $6 billion in shares of his company Berkshire Hathaway to the Bill & Melinda Gates Foundation Trust and four other charities.

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The Susan Thompson Buffett Foundation, which is focused on family planning and reproductive health, will also receive a donation, as will The Sherwood Foundation, Howard G. Buffett Foundation and NoVo Foundation.

Warren has worked with the Bill & Melinda Gates Foundation Trust for many years, serving as a trustee for the charity between 2006 and 2021. It is thought the Gates Foundation has received over $40 billion from Warren over two decades. 

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The Susan Thompson Buffett Foundation was started by Warren and his first wife, white his three adult children Susan, 72, Howard, 70, and Peter, 67, respectively, launched the other three foundations.

The money comes from nearly 12.4 million of the Class B shares of stock; each of the B shares was worth $485.68 at their most recent close on Friday June 27.

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The Bill & Melinda Gates Foundation Trust will receive 9.4 million shares. The Susan Thompson Buffett Foundation will receive 943,384 shares, and the Sherwood Foundation, Howard G. Buffett Foundation and NoVo Foundation will each receive 660,366 shares.

Part of his statement read: "Nothing extraordinary has occurred at Berkshire; a very long runway, simple and generally sound decisions, the American tailwind and compounding effects produced my current wealth.

"My will provides that about 99.5% of my estate is destined for philanthropic usage."

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In 2024 Warren shocked the world when he announced that, upon his death, his fortune of close to $150 billion would go into a charitable trust that his three children, Susie, Howard, and Peter, would jointly administer.

They must agree, by unanimous agreement, where to donate the money within ten years of his passing. However he insisted that no money should go to the Gates Foundation. 

Berkshire Hathaway is an investing conglomerate, and they own shares in companies including Apple and Dairy Queen.

The Sherwood Foundation is based in Omaha, Nebraska, and focuses on supporting programs "that help make Nebraska a more equitable place to live, work, learn, and play". It was founded by Susie, who also chairs the Susan Thompson Buffett Foundation, established by Warren in 1964 and named after his late wife in 2004.

Howard’s foundation, meanwhile, focuses on food security and agriculture in Africa, and recently has been one of the largest funders of humanitarian assistance to Ukraine.

Peter's NoVo Foundation funded many progressive causes in the early 2000s but in 2020 switched their focus to community projects in the Hudson Valley, New York.