Buffett gives $1.5B in stock to Gates Foundation
Thursday, July 7, 2011
SEATTLE (AP) -- Investor Warren Buffett has made his annual gift of Berkshire Hathaway stock to the Bill & Melinda Gates Foundation, turning over about $1.5 billion worth of stock.
According to a Thursday filing with the Securities and Exchange Commission, Buffett donated 19.34 million Class B shares of the company's stock.
The closing price of Class B shares on Thursday was $77.77.
The gift is the fifth installment in Buffett's plan to transfer the majority of his wealth to the Seattle-based foundation run by the Microsoft Corp. co-founder and his wife. The foundation is the world's largest with an endowment of $37.1 billion as of March 31.
Omaha, Neb.-based Berkshire Hathaway owns a mix of more than 60 companies, including insurance, furniture, carpet, jewelry, restaurants and utility businesses.
On the Net:
Berkshire Hathaway Inc.: www.berkshirehathaway.com
Gates Foundation: www.gatesfoundation.org