This year, as part of his annual pledge to eventually contribute 500 million shares of the Berkshire Hathaway Inc to the Melinda and Bill Gates Foundation, Warren Buffett recently donated nearly $2.2 billion worth of class B stocks in support of improving global health and embarking on a new challenge to assist U.S. education.
In 2010, Bill Gates and Warren Buffett created the Giving Pledge, which rallied the world’s billionaires to donate at least half of their fortunes to charity. Since the pledge has been put into place, 154 affluent individuals have made the oath.
Gates acknowledges the possibility of failure in some projects, but remains optimistic, stating “we not only accept that [projects will fail] we expect it—because we think an essential role of philanthropy is to make bets on promising solutions that governments and businesses can’t afford to make.”
Bill and Melinda Gates are both optimistic about the future of the Foundation, which is aimed at alleviating extreme poverty and poor health in developing countries in addition to improving the failure of America’s education system.
According to a SEC document filed on Thursday, July 13, 2015, Buffett donated 14,968,423 shares of Class B Common Stock valued at $145.93 per share to the Bill and Melinda Gates Foundation. Buffett also donated 1,047,785 shares of Class B Common Stock to foundations owned by his three children: the Sherwood Foundation, the Howard G. Buffett Foundation and the NoVo Foundation.
Warren Buffett believes philanthropy is associated with taking risks and remains steadfast and patient whenever Berkshire investments bear no fruit. “If you succeed in everything you’re doing in charity, you’re attempting things that are too easy,” Warren Buffett declared in 2011.
The philanthropist also donated $215 million worth of stocks to the Susan Thompson Buffett Foundation, which is named after his late wife. The main objective of the Susan Thompson Buffett foundation is to provide scholarships for eligible recipients within the Nebraska region on a competitive basis.
Buffett has vowed to give away 99 percent of his wealth in support of charitable causes and innovative solutions to end global poverty. After over 10 years of donating to the Gates foundation as well as other nonprofit organizations, Buffett’s fortune is now estimated at approximately $65.6 billion.
Buffett’s recent donation to the Melinda and Bill Gates Foundation, when added to the other donations made over his lifetime, brings his total donations to more than $28.5 billion.
– Shanique Wright
Photo: Finance Buzz