Warren Buffett Makes Enormous Donation to Gates Foundation

by William White | July 9, 2013 11:40 am

Warren Buffett Makes Enormous Donation to Gates Foundation

Warren Buffett1 Warren Buffett Makes Enormous Donation to Gates Foundation[1]Berkshire Hathaway (BRK.B[2]) CEO Warren Buffett, donated $2 billion[3] 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[4] to the Gates Foundation. He also advises other wealthy Americans to donate most of their fortunes, through the Giving Pledge[5] commitment.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2010/11/Warren_Buffett1.jpg
  2. BRK.B: http://studio-5.financialcontent.com/investplace/quote?Symbol=BRK.B
  3. $2 billion: http://www.bloomberg.com/news/2013-07-08/buffett-makes-2-billion-donation-to-gates-foundation.html
  4. $31 billion: http://dealbook.nytimes.com/2013/07/08/buffett-gives-2-billion-to-gates-foundation/
  5. Giving Pledge: http://givingpledge.org/

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