Warren Buffett says his children will handle his estate after giving away an additional $5.3 billion.
On Friday, Warren Buffett gave $5.3 billion worth of Berkshire Hathaway shares to five nonprofits, marking his largest yearly donation to date.
According to a statement released on Friday, the renowned investor, who will turn 94 in August, converted 8,674 of his Berkshire Class A shares to gift almost 13 million Class B shares. Ninety-three million shares were donated to the Bill & Melinda Gates Foundation, while the remaining shares were given to the three organizations headed by Howard, Susan, and Peter Buffett, as well as the Susan Thompson Buffett Foundation, which was created in honor of his late first wife.
The company he started controlling in 1965, Berkshire, is located in Omaha, Nebraska, and the "Oracle of Omaha" has promised to donate the fortune he made there. Since 2006, Buffett has contributed yearly to the five organizations.
Buffett now has 2,586 B shares and 207,963 A shares in Berkshire A, valued at around $130 billion, following Friday's gifts.
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