Warren Buffett makes gift to Gates Foundation worth $1.43B

By Associated Press

Summary

Billionaire Warren Buffett has donated $1.25 billion in Berkshire Hathaway Inc. stock to the Bill & Melinda Gates Foundation. The gift is the third installment in Buffett's plan to transfer the majority of his wealth to the Seattle-based foundation.

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Story Published: Jul 2, 2009 at 4:47 PM PST

Story Updated: Jul 2, 2009 at 4:47 PM PST

Warren Buffett makes gift to Gates Foundation worth $1.43B

Warren Buffett, CEO of Berkshire Hathaway, waves to shareholders prior to the annual Berkshire Hathaway shareholders meeting in Omaha, Neb.

SEATTLE (AP) - Billionaire Warren Buffett has donated $1.25 billion in Berkshire Hathaway Inc. stock to the Bill & Melinda Gates Foundation.

The gift is the third installment in Buffett's plan to transfer the majority of his wealth to the Seattle-based foundation.

Last year, before the recession depressed Berkshire Hathaway's stock, his gift of a similar number of shares was worth $1.8 billion, or 30 percent more.

Thursday's filing with the Securities and Exchange Commission also lists donations of shares of Class B stock worth $125 million to the Susan Thompson Buffett Foundation and nearly $50 million each to the Sherwood Foundation, the Howard G. Buffett Foundation and the NoVo Foundation.

Class B shares were worth $2,924 at the close of trading July 1, the day Buffett transferred their ownership.

The foundation is the world's largest with an endowment of $27.5 billion as of April 2009.

Omaha, Neb.-based Berkshire Hathaway owns a mix of more than 60 companies, including insurance, furniture, carpet, jewelry, restaurants and utility businesses.