by Angela Nazworth | August 31, 2012 10:49 am
Warren Buffett, the world’s third-richest person, celebrated his 82nd birthday Thursday by doubling his donation pledges to his children’s charitable foundations.
Six years ago, Buffett pledged 17,500,000 Berkshire Hathaway (NYSE:BRK.B) shares (adjusted for a 50 for 1 split) to the charitable foundations belonging to each of his three children: Susie, Howie and Peter.
In a letter dated August 30, Buffett announced his intentions to increase his pledge to 24,441,704 shares, with 1,222,085 shares being given to each child’s foundation beginning July 2013.
Those millions of shares translate into billions of dollars.
CNNMoney put it this way:
“At Thursday’s market price of $84.19 a share, that translates to an additional $3.1 billion in total. Buffett has been distributing a portion of the gift each year, with the three foundations in line to eventually receive roughly $7.5 billion, or more than $2.5 billion each.”
In the letter, Buffett said that he was increasing his pledge because his children exceeded his expectations.
“I knew you would apply your considerable brains and energies in order to make the most of the funds from my gift,” Buffett wrote. “However, you have exceeded my high expectations. Your mother would be as proud of you as I am.”
Buffett’s net worth is estimated at $44 billion.
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