Nov 21 (Reuters) – Warren Buffett said on Tuesday he has donated about $866 million of Berkshire Hathaway (BRKa.N) stock to 4 family charities, and told shareholders “I feel good” as he moves nearer the sunset of his storied investing profession.
In a regulatory filing, the corporate said Buffett donated 1.5 million Class B shares of Berkshire to the Susan Thompson Buffett Foundation. Named for his late first wife, the organization works in reproductive health.
Buffett donated one other 900,000 Class B shares, divided evenly amongst charities run by his children, Howard, Susan and Peter: the Howard G. Buffett Foundation, the Sherwood Foundation and the NoVo Foundation.
The donations complement the $759 million of Berkshire stock that Buffett donated to the charities presently last yr, also just before the U.S. Thanksgiving Day holiday.
Buffett also issued a rare letter to shareholders, again pledging that greater than 99% of his wealth would go to charity, together with his children serving as executors of his will. He said Berkshire was “built to last” and would remain in good hands.
While Buffett has curbed his non-Berkshire responsibilities through the years, he has never publicly signaled a desire to step down, including after a prostate cancer diagnosis in 2012.
Warren Buffett, Chairman and CEO of Berkshire Hathaway donated about $866 million of Berkshire stock to 4 family charities. AP
“At 93, I feel good but fully realize I’m playing in extra innings,” Buffett said within the letter.
Buffett has through the years often referred to his success at remaining healthy despite having the eating habits of a 6-year-old, including a love of junk food and sugary drinks.
“I feel happiness makes an unlimited amount of difference by way of … longevity,” he told CNBC in April. “I’m happier once I’m eating hot fudge sundaes or drinking Coke.”
Berkshire didn’t immediately reply to a request for extra comment.
Greg Abel, 61, a Berkshire vice chairman, is slated to succeed Buffett as Berkshire’s CEO, while Howard Buffett would turn into non-executive chairman.
“We now have the appropriate CEO to succeed me and the appropriate board of directors,” Buffett wrote.
Buffett is the world’s fifth richest person, with a $120.5 billion fortune, in response to Forbes magazine.
Since 2006 he has donated greater than half his Berkshire stock to the family charities and the Bill & Melinda Gates Foundation. The donations totaled near $52 billion on the time they were made, with the Gates Foundation receiving greater than $39 billion.
Buffett has run Omaha, Nebraska-based Berkshire since 1965.
The conglomerate owns dozens of companies including the BNSF railroad, Geico automotive insurance, energy and industrial corporations, and familiar consumer brands corresponding to Dairy Queen and Fruit of the Loom.
It also recently owned greater than $318 billion of stocks, about half of which was Apple (AAPL.O).
The Howard G. Buffett Foundation focuses on alleviating hunger, mitigating conflicts, combating human trafficking and improving public safety. The Sherwood Foundation supports nonprofits in Nebraska, and the NoVo Foundation has initiatives focused on women and girls.
Reporting by Bhanvi Satija in Bengaluru and Jonathan Stempel in Latest York; Editing by Arun Koyyur, Lisa Shumaker, David Gregorio, Shri Navaratnam and Leslie Adler
