Buffett donates $1.5 billion to Gates Foundation

NEW YORK Thu Jul 7, 2011 6:28pm EDT

Berkshire Hathaway chairman and CEO Warren Buffett walks to lunch during a break on the first day of the Allen and Company Sun Valley Conference in Sun Valley, Idaho July 6, 2011. REUTERS/Anthony Bolante

Berkshire Hathaway chairman and CEO Warren Buffett walks to lunch during a break on the first day of the Allen and Company Sun Valley Conference in Sun Valley, Idaho July 6, 2011.

Credit: Reuters/Anthony Bolante

NEW YORK (Reuters) - Investor Warren Buffett has donated another $1.5 billion to the Bill & Melinda Gates Foundation, part of his plan that began in 2006 to donate 99 percent of his wealth.

According to a filing with the Securities and Exchange Commission, Buffett donated on Thursday 19.34 million Class B shares of his insurance and investment company Berkshire Hathaway Inc to the Gates Foundation.

The B shares closed up $1.25 at $77.77, while Berkshire Class A shares closed up $1,840 at $116,640.

Bill Gates, the co-founder of Microsoft Corp and a Berkshire director, and his wife Melinda created the Gates Foundation to address education, health and poverty problems.

Buffett, 80, annually donates smaller sums at about the same time of year to four family charities.

These include the Susan Thompson Buffett Foundation, named for Buffett's late first wife, and foundations for their children Howard, Peter and Susan.

Berkshire was not able to immediately provide further information about these donations, which are typically disclosed in SEC filings.

Buffett is the world's third-richest person, with a $50 billion net worth, Forbes magazine said in March.

The Gates Foundation said it employs 927 people, spent $2.6 billion last year, and has a $37.1 billion endowment.

Buffett expects the foundation to spend his gifts, which have totaled roughly $9.5 billion.

The number of shares that Buffett donates declines by 5 percent each year.

(Reporting by Jonathan Stempel; editing by Andre Grenon)

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Comments (4)
EN3 wrote:
Warren why not give back to all the little employees in all of companies that you invest in. You know a little employees who had to do it less and work harder for less pay and more costly benefits in order to give you your billions. Why not give it back to some of the people you actually took it off of wow that would be real charity…

Jul 07, 2011 8:17pm EDT  --  Report as abuse
walter17 wrote:
i wish that money would help the poor in this country.

Jul 07, 2011 8:46pm EDT  --  Report as abuse
brnwtrs7 wrote:
A billionaire giving a tax deductible ‘donation’ of over a billion dollars to another billionaire’s foundation which, being a charitable foundation, pays the Gates tax free money to run it? And getting paid from tax deductible contributions? A win-win situation? Coincidentally, wouldn’t these individuals be considers HOARDERS? How much money do they need to live on this earth? Or do they and those like them have the need to control who has money and who doesn’t?

Jul 07, 2011 8:51pm EDT  --  Report as abuse
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