Omaha billionaire Warren Buffett has given 2.4-million shares of Class B Berkshire Hathaway stock worth about $876-million dollars to four charitable foundations run by his children.
Buffett makes regular donations each summer to the family foundations, but this is just the second year he’s made additional donations around Thanksgiving – explaining that “at Thanksgiving,, I have much to be thankful for.
Buffett says he and his children “have a common belief that dynastic wealth, though both legal and common in much of the world including the United State, is not desirable.”
Because of that belief, Buffett has arranged for 99% of his wealth to go to a charitable trust after his death with his children serving as the trustees.
He says it will operate with a lean staff and be self-liquidating after a decade or so. Buffett first committed to giving away his fortune in 2006 and increased his annual donations in 2012.