Investing.com -- Warren Buffett plans to dispose of his entire Berkshire Hathaway Inc. stake within eight years through donations to four charitable foundations, the 95-year-old chairman said Tuesday.

Buffett converted 8,000 Class A shares into 12 million Class B shares to donate to foundations run by his three children and one named after his late wife. The Sherwood Foundation, Howard G. Buffett Foundation and NoVo Foundation will each receive 1 million shares. The Susan Thompson Buffett Foundation will receive 9 million shares.

"My goal is to dispose of all of my Berkshire shares within about eight years," Buffett said. "I have every hope that the three of them are able to carry out the disposal of my shares by December 31, 2034."

The billionaire now owns 188,290 Class A shares and 1,162 Class B shares of Berkshire Hathaway.

Buffett said the grants to the three foundations managed by his children will grow annually, while donations to the Susan Thompson Buffett Foundation will increase at a somewhat greater rate.

"Of course, mortality is unpredictable, but my remaining shares will be donated to the four foundations one way or the other by December 31, 2034," Buffett said.

Berkshire Hathaway Class B shares traded 0.5% flat in pre-market Tuesday following the announcement.