Business

Warren Buffett Gives More Than $3 Billion To Various Charities

On Monday, prominent investing mogul and Berkshire Hathaway Inc. CEO Warren Buffett decided to give almost $3.2 billion worth of stock options to five different charitable organizations, Reuters reports.

The main recipient of the capital will be the Bill and Melinda Gates Foundation, as well as four other family charities. The donation will be comprised of 18.63 million Class “B” shares of Berkshire Hathaway stock. A single share of Buffett’s company is currently valued at $170.25.

The Gates Foundation will receive $2.42 billion of Monday’s gift. The massive altruistic organization will use the money to improve health, mitigate poverty, and providing better educational opportunities worldwide.

Since 2006, Buffett has donated about $27.5 billion to five charities, including almost $22 billion to the Gates Foundation. Despite giving away 40 percent of his stake in the company, Buffett still owns 17 percent of Berkshire Hathaway Inc., and remains the world’s fourth richest person.

The philanthropist plans to give away the vast majority of his massive $76.7 billion fortune over the next decade.

Buffett, now 86, still lives in his hometown of Omaha, Nebraska in the same house he bought in 1958 for $31,500.