Warren Buffett, the world's second richest man, has pledged
$30.7bn of his $44bn fortune to the Bill and Melinda Gates
Foundation. The billionaire investor will donate the money in
stages, he said, in the form of shares in his company Berkshire
Hathaway Inc.
By Lucy Sherriff for The
Register.
This article has been reproduced with permission.
This year the Gates' Foundation will receive half a million
shares worth around $1.5bn. In total, Buffett has pledged 10m
shares to the foundation, which will get a further five per cent of
the total, each year, for as long as either Bill or Melinda Gates
remains involved with the charity.
According to the Chronicle of Philanthropy, it is
the largest charitable donation ever made.
Buffett, who plays Bridge with Gates, said he had chosen to
donate the money to Gates' foundation because he isn't as suited to
philanthropy as the Microsoft founder.
He told Fortune magazine that he decided to divide
up his fortune following the death of his wife in 2004. He had
expected she would outlive him, he explained, and that she would
see to disposing of his wealth. He has earmarked a further $6.3bn
of stock for Buffett family foundations.
The Gates' are said to be "awed" by the donation.
© The Register
2006
