Business

Warren Buffett explains his $750 million charitable donation on Thanksgiving eve

Warren Buffett

Gerard Miller | CNBC

Warren Buffett donated more than $750 million in Berkshire Hathaway stock on Thanksgiving night to four foundations associated with his family, and the legendary investor said the timing was no coincidence, as this is his way of thanking his children for their charity work.

“I’m personally proud of how my kids have turned out,” Buffett told CNBC’s Becky Quick. “I feel good about the fact that they know I feel good with them. This is my kids’ ultimate endorsement, and it’s the ultimate statement that my kids don’t want to be dynastic rich.”

The 92-year-old investor donated 1.5 million class B shares of his conglomerate to the Susan Thompson Buffett Foundation, named after his first wife. He also donated 300,000 Class B shares each to the three foundations led by his children: the Sherwood Foundation, the Howard G. Buffett Foundation, and the NoVo Foundation.

The recipients this time were not the Bill & Melinda Gates Foundation. The “Oracle of Omaha” has vowed to give away its fortune over time and has been donating to the same five charities annually since 2006.

In June, he donated 11 million Class B shares to the Gates Foundation, 1.1 million Class B shares to the Susan Thompson Buffett Foundation, and 770,218 shares each to his children’s three foundations.

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