Warren Buffett Donates $1.3 Billion

Warren Buffett, the head of the investment firm Berkshire Hathaway, announced in a farewell letter to shareholders that he will donate $1.3 billion to charity. To achieve this goal, Buffett converted 1,800 of Berkshire Hathaway’s Class “A” shares into 2.7 million Class “B” shares.

These funds will be directed to family charitable foundations. The Susan Thompson Buffett Foundation will receive 1.5 million shares, while the Howard Buffett Foundation, The Sherwood Foundation, and the NoVo Foundation will each receive 400,000 shares.

The billionaire emphasized his intention to increase the financial contributions to his children’s charitable organizations for the rest of his life. Buffett plans to step down as CEO of Berkshire Hathaway by the end of this year.

Nevertheless, he will continue to serve as the chairman of the board of directors. Greg Abel is expected to be his successor.

In the first quarter of this year, the company reported a net profit of $4.6 billion, which is 64 percent less compared to the previous year. Read “Zamin” on Telegram!