Warren Buffett is celebrating his 82nd birthday by giving each of his three children a big present: about $600 million worth of his company’s stock for their charitable foundations.
Buffett announced the gifts in a letter made public Thursday, saying he is rewarding his children for the way they’ve run their foundations.
The new contributions, added to previous gifts, mean they’ll each receive about $2.1 billion in stock over time. In 2006, Buffett promised to give roughly $1.5 billion of Class B Berkshire Hathaway stock to each of the foundations his children run as part of a plan give the bulk of his fortune to charity.
The biggest share of Buffett’s $44.7 billion fortune will go to the Bill & Melinda Gates Foundation. Another sizable gift will go to the Susan Thompson Buffett foundation that Buffett created with his first wife. He did not change those pledges on Thursday.The Associated Press