Warren Buffett donates 12 million Berkshire Class B shares to foundations

Warren Buffett converted 8,000 Berkshire Hathaway (NYSE: BRK.A, BRK.B) Class A shares into 12,000,000 Class B shares to donate to four foundations, according to a press release from the company.

The Susan Thompson Buffett Foundation received 9,000,000 shares, while the Sherwood Foundation, Howard G. Buffett Foundation, and Novo Foundation each received 1,000,000 shares.

Following the transaction, Buffett's remaining ownership of Berkshire Hathaway consists of 188,290 Class A shares and 1,162 Class B shares.

Buffett stated his intention to dispose of all his Berkshire shares within approximately eight years. "My remaining shares will be donated to the four foundations one way or the other by December 31, 2034," he said.

Buffett added that annual grants to the three foundations managed by each of his children are expected to grow yearly, with the Susan Thompson Buffett Foundation receiving grants growing at a somewhat greater rate.

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