Warren Buffett donates whopping $3.6 billion to charity
Warren Buffett is donating a massive $3.6 billion to charity. Oracle of Omaha is giving this huge amount of his Berkshire Hathaway stock to charity according to Forbes.
Warren Buffett is donating a massive $3.6 billion to charity. Oracle of Omaha is giving this huge amount of his Berkshire Hathaway stock to charity according to Forbes. CEO and Chairman of Berkshire Hathaway, Warren Buffett who is one of the world's richest man, donated $3.4 billion last year to charity. With a net worth of $88.6 billion as per Forbes, Buffett is successfully leading his company. The recent decision will fulfill part of his promise to donate over 99% of his fortune to charity.
Buffett has given around 45% of his stock to five foundations as part of the Giving Pledge he made in 2006. Some of the foundations, which have recieved funds from Buffett are, Bill and Melinda Gates’ Foundation, the Susan Thompson Buffett Foundation, the Sherwood Foundation, the Howard G. Buffett Foundation and the NoVo Foundation.
Buffett donates such kind of gifts as stock and not in cash. Donating in the form of shares gains credit to Buffett for the appreciation in the shares. Meanwhile donating appreciated stock always a better option than selling the stock, paying tax on the gain, and donating the cash to charity.
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Buffett believes that his income tax should be higher than it is. The act by Buffett proves that donations not makes you a contributor to society but save your taxes too.
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