Warren Buffett, one of the richest men in the world, announced on Tuesday the conversion of 1,600 Berkshire Hathaway class A shares into 2.4 million class B shares, valued at around 1.145 billion dollars (1.094 billion euros), with the aim of donating them to four family philanthropic foundations.
In this way, the magnate has awarded 1.5 million titles to The Susan Thompson Buffett Foundation and 300,000 each to the other entities; The Sherwood Foundation, The Howard G. Buffett Foundation and NoVo Foundation. These amounts would be equivalent to 715.5 million dollars (683.6 million euros) and 143.1 million dollars (136.7 million euros), respectively.
Buffett has explained in a statement that he has “never” wanted to create a family dynasty and has renewed his commitment to make his entire fortune available to those most in need.
In this regard, he hopes that his children will continue this work after his death, since he is currently 94 years old. However, given their ages of 71, 69 and 66, Buffett has also appointed three trusted administrators to take charge of distributing the funds, if necessary.
