Berkshire Hathaway Inc BRK'B:NYSE

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Berkshire Hathaway's Buffett Converts $3.6 Bln in Shares to Donate to Five Foundations

8:25AM ET 7/01/2019 MT Newswires
Berkshire Hathaway (BRK.A) said Monday that Chairman Warren Buffett will convert 11,250 of his class A shares into 16,875,000 class B shares.

Of these class B shares, 16,811,941 will be donated to five foundations: the Bill & Melinda Gates Foundation, the Susan Thompson Buffett Foundation, the Sherwood Foundation, the Howard G. Buffett Foundation and the NoVo Foundation. The shares have a current value of about $3.6 billion.

The company said Buffett intends to have all of his Berkshire shares given to philanthropy through annual gifts that will be completed 10 years after his estate is settled. In all cases, his A shares will be converted into B shares immediately prior to the gift.