Before Thanksgiving, Warren Buffett donated more than $870 million worth of his Berkshire Hathaway stock to four family foundations. The 93-year-old investor gave 1.5 million Class B shares to the Susan Thompson Buffett Foundation, and 300,000 Class B shares to each of the three foundations run by his children. Buffett noted that this donation was meant to supplement certain lifetime pledges he had made in 2006 and that would continue until his death. He committed to this philanthropic spirit last Thanksgiving as well. As proprietor of the conglomerate he began managing in 1965, Buffett has seen the value of Berkshire's stocks soar by about 17% this year.
In his letter to investors, Buffett made sure to affirm the longevity of his conglomerate, and gave credit to the vice chairman for non-insurance operations at Berkshire, Greg Abel, for ably taking on most of the responsibilities. His three children are the executors of his will and trustees of the charity that will receive most of his wealth. Buffett clarified that he, and his family, are not advocates of dynastic wealth and that he has seen how money does not designate wisdom or evil.
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