Buffett's Berkshire Upswing Adds to Gates' Charity
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The strong year that Warren Buffett's Berkshire Hathaway (NYSE: BRK.a) (NYSE: BRK.b) experienced, will benefit Bill Gates' charity in the coming year.
Buffett, the third richest man in the world, has previously pledged to give away 99 percent of his massive fortune to charity, with the bulk being handed over to a foundation run by Gates, who is the second richest man in the world and a close friend of Buffett's.
Each year, Buffett donates a chunk of the stock he owns in his company to the Bill & Melinda Gates Foundation, which enables the charity to spend more on global health care and education projects in the United States.
The amount given each year depends on the strength of Berkshire Hathaway stock, and the improved shares this year make the latest donation worth roughly $1.6 billion, an increase of 28 percent over the donation last year of by Buffett of $1.25 billion.
The donation by Buffett is also the largest philanthropic gesture since the global financial meltdown in 2008. This year’s donation marks the fourth time Buffett has made a contribution to the Gates organization.
The Gates will now have the enviable task of spending the entire donation, as Buffett's one condition is that the organization annual giving must exceed the value of the previous year’s gift.
The total value of Buffett's donation to the charity is about $39 billion, including the shares that he has pledged to give in future installments, making it the largest charitable donation in history.
Together, Buffett and Gateses have pleaded with their peers to give more, as they have asked other billionaires to donate as much as half of their wealth to charitable causes.
Last year donations fell 3.6 percent to $306.75 billion from $3.15 billion in 2008.
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Buffett, the third richest man in the world, has previously pledged to give away 99 percent of his massive fortune to charity, with the bulk being handed over to a foundation run by Gates, who is the second richest man in the world and a close friend of Buffett's.
Each year, Buffett donates a chunk of the stock he owns in his company to the Bill & Melinda Gates Foundation, which enables the charity to spend more on global health care and education projects in the United States.
The amount given each year depends on the strength of Berkshire Hathaway stock, and the improved shares this year make the latest donation worth roughly $1.6 billion, an increase of 28 percent over the donation last year of by Buffett of $1.25 billion.
The donation by Buffett is also the largest philanthropic gesture since the global financial meltdown in 2008. This year’s donation marks the fourth time Buffett has made a contribution to the Gates organization.
The Gates will now have the enviable task of spending the entire donation, as Buffett's one condition is that the organization annual giving must exceed the value of the previous year’s gift.
The total value of Buffett's donation to the charity is about $39 billion, including the shares that he has pledged to give in future installments, making it the largest charitable donation in history.
Together, Buffett and Gateses have pleaded with their peers to give more, as they have asked other billionaires to donate as much as half of their wealth to charitable causes.
Last year donations fell 3.6 percent to $306.75 billion from $3.15 billion in 2008.
Market Moving News and Intelligence - Free Sign-Up
http://www.streetinsider.com/premium_content.php
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