Warren Buffett resigns as trustee of Bill and Melinda Gates Foundation. According to reports, he will donate $4.1 billion worth of Berkshire Hathaway shares to five foundations as well.
“For years I have been a trustee — an inactive trustee at that — of only one recipient of my funds, the Bill and Melinda Gates Foundation (BMG). I am now resigning from that post, just as I have done at all corporate boards other than Berkshire’s,” Buffett said.
As per CNBC report, Buffett stated, "In 2006, I pledged to distribute all of my Berkshire Hathaway shares — more than 99% of my net worth — to philanthropy. With today’s $4.1 billion distribution, I’m halfway there.”
In 2006, Buffett pledged to give away all of his Berkshire shares through annual gifts to Bill & Melinda Gates Foundation, Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G Buffett Foundation and NoVo Foundation.
“The CEO of BMG is Mark Suzman, an outstanding recent selection who has my full support. My goals are 100% in sync with those of the foundation, and my physical participation is in no way needed to achieve these goals.”
Buffett owned 4,74,998 Berkshire 'A' shares. Today, he said he owns 2,38,624 shares, worth about $100 billion.