Billionaire investor Warren Buffett has announced that he will donate all of his remaining Berkshire Hathaway shares, worth more than $140 billion, by December 31, 2034, accelerating his long-term plan to give away his fortune.
In a statement released on July 14, Buffett said the donations would go to four family-linked charities, the Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G Buffett Foundation and NoVo Foundation.
"My goal is to dispose of all of my Berkshire shares within about eight years," Buffett said.
"Of course, mortality is unpredictable, but my remaining shares will be donated to the four foundations one way or the other by December 31, 2034. The goal is to have the grants grow annually to each of the three foundations managed by each of my children and the annual grant to the Susan Thompson Buffett Foundation grow at a somewhat greater rate," he added.
Converts shares for latest donation
As part of this year's giving, Buffett converted 8,000 Berkshire Hathaway Class A shares into 12 million Class B shares, donating 9 million shares to the Susan Thompson Buffett Foundation and 1 million shares each to the Sherwood Foundation, Howard G Buffett Foundation and NoVo Foundation.
Following the transfer, Buffett said he owns 188,290 Class A shares and 1,162 Class B shares.
According to CNBC, Buffett's Berkshire stake is currently valued at more than $140 billion. Even if Berkshire's share price remains unchanged, the pledge implies annual donations averaging about $17 billion, more than double the roughly $7 billion he donated last year.
Earlier, Buffett had planned for his three children to distribute his remaining fortune within 10 years of his death.
Meanwhile, Buffett excluded the Bill & Melinda Gates Foundation from his annual charitable donations for the first time in nearly two decades. This came reportedly after disclosures surrounding Microsoft co-founder Bill Gates' past association with convicted sex offender Jeffrey Epstein.
No donations for Gates Foundation
Since pledging in 2006 to give away most of his fortune, Buffett has donated more than $61 billion to the Gates Foundation, making it the largest recipient of his charitable giving.
Buffett's decision comes months after renewed scrutiny over Bill Gates' past meetings with Jeffrey Epstein following the release of documents connected to the late financier.
Buffett and Gates were once among the world's closest billionaire friends. Gates sat on Berkshire Hathaway's board for years, while Buffett served as a trustee of the Gates Foundation.
However, Buffett told CNBC earlier this year that he had not spoken to Gates for months, dating back to before the release of the Epstein files.
Speaking to CNBC, Buffett said he was astonished by Epstein's ability to gain the trust of influential people.
"It is astounding to me that anybody could be that successful as a con person," Buffett said.
Without mentioning Gates directly, Buffett said he preferred to avoid any association with matters that could later become the subject of investigations.
