Warren Buffett is donating about $870 million to four family-run foundations ahead of the Thanksgiving holiday, continuing a tradition of giving away his massive wealth of about $120 billion.
The donations are in the form of shares, with a release from his Berkshire Hathaway conglomerate detailing that 1.5 million shares are going to the Susan Thompson Buffett Foundation, which is named after his wife. Another 900,000 shares are being divided evenly among three charities run by his children.
Buffett said the donations “repeat those made at Thanksgiving last year” and that they “supplement certain of the lifetime pledges I made in 2006 and that continue until my death (at 93, I feel good but fully realize I am playing in extra innings).”
Last year, he donated about $750 million to the same foundations. He’s been making the same donations yearly since 2006.
In a letter to shareholders, Buffett wrote on Tuesday that he and his children “have a common belief that dynastic wealth, though both legal and common in much of the world including the United States, is not desirable.”
“We also agree that capitalism — whatever its weaknesses, including the vast disparities in wealth and political influence that it delivers somewhat capriciously to its citizens — has worked wonders and continues to work wonders,” he wrote.
The letter also said that “Berkshire’s advantage is that it has been built to last” and that the company’s “distinctive characteristics and behavior will be supported by my large Berkshire holdings.”
The 93-year-old remains in control of the sprawling company. He named Greg Abel, the head of Berkshire Hathaway’s non-insurance business, as his successor in 2021.
Berkshire Hathaway recently reported a surge in third-quarter operating earnings and a record-high cash pile of $157 billion.
