Berkshire Hathaway (BRK.B) CEO Warren Buffett, donated $2 billion to the Bill and Melinda Gates Foundation, on Monday.
The donation is Warren Buffett’s annual gift to the foundation and beats his donation last year of $1.8 billion. The $2 million was donated by Buffett giving about 17.5 million Berkshire Hathaway Class B shares to the foundation, reports Bloomberg.
“The truth is I have never given a penny away that had any utility to me,” Buffett told Bloomberg. “For millions of people who aren’t rich, donating money really means they’re giving up a movie, or a dinner out, or if it’s a larger sum, maybe a trip to Disneyland.”
In 2006, Buffett pledged to give about $31 billion to the Gates Foundation. He also advises other wealthy Americans to donate most of their fortunes, through the Giving Pledge commitment.