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Home Uncategorized Investor Warren Buffett gives away $4.1bn more to charity

Investor Warren Buffett gives away $4.1bn more to charity

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Investor Warren Buffett gives away $4.1bn more to charity

The 90-year-old is the chairman of investment firm Berkshire Hathaway

Billionaire Warren Buffett has donated another $4.1bn (£2.9bn) worth of Berkshire Hathaway shares to charity.

Regarded as the world’s most successful investor, the Berkshire Hathaway chairman has given away huge sums of his wealth to charity.

In a statement, he wrote: “Society has a use for my money; I don’t.”

Mr Buffett also announced his resignation as a trustee of the Bill and Melinda Gates Foundation.

The donation takes him half-way to meeting a 2006 pledge to give all of his Berkshire Hathaway shares to five organisations, including the Gates Foundation.

Mr Buffett has 238,624 Berkshire shares remaining.

He wrote on Wednesday: “Over many decades I have accumulated an almost incomprehensible sum simply by doing what I love to do. I’ve made no sacrifice nor has my family.

“Compound interest, a long runway, wonderful associates and our incredible country have simply worked their magic. Society has a use for my money; I don’t.”

Mr Buffett joined the exclusive $100bn (£72bn) club that includes Elon Musk, Jeff Bezos and Bill Gates in March, after Berkshire Hathaway saw its shares rise to record levels in 2021.

He is a co-founder of the Giving Pledge, along with Bill and Melinda Gates, which is a campaign that encourages billionaire philanthropy.

Also read: Bill Gates and wife Melinda announce their separation. 

Mackenzie Scott, ex-wife of Amazon founder Jeff Bezos, has also signed up to the pledge and recently announced she had donated another $2.7bn to a wide range of charities.

Although Mr Buffett said the remarks made on Wednesday were “no swansong”, he also announced his resignation from the position of trustee of the Bill and Melinda Gates Foundation.

He said he had already stepped down from all other corporate boards, other than that of Berkshire Hathaway.

“My physical participation is in no way needed” for the foundation to achieve its goals, Mr Buffett wrote.

It comes after question marks were raised over the future of the organisation after Bill and Melinda Gates announced their divorce in May.

The billionaire couple run the charitable foundation, which has worked on initiatives such as fighting infectious diseases and encouraging vaccinations for children.

Investor Warren Buffett

A spokesman for the foundation previously said they would remain co-chairs and trustees.

Mr Buffett also praised incoming chief executive, Mark Suzman, on Wednesday, describing him as an “outstanding” candidate.

“My goals are 100% in sync with those of the foundation”, he added.

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SourceBBC
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