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Berkshire Hathaway’s (BRK.A) chief Warren Buffett said most of his wealth will go to charity after his death.
Buffett added, his will provides that more than 99% of his estate is “destined for philanthropic usage.”
Separately, Buffett will convert 8.67K A shares into 13.01M B shares as he looks to donate 13M shares of the firm’s “B” stock to five foundations.
The five foundations include: Bill & Melinda Gates Foundation Trust, Susan Thompson Buffett Foundation, the Sherwood Foundation, Howard G. Buffett Foundation and NoVo Foundation.
However, his donation to the Bill & Melinda Gates Foundation will end after his death, Buffett said in an interview with the Wall Street Journal.
Buffett’s ownership of Berkshire now consists of ~208K A shares and 2.6K B shares.
“Nothing extraordinary has occurred at Berkshire; a very long runway, simple but generally sound capital deployment, the American tailwind and compounding effects produced my current wealth,” Buffett said in a company press release.
The donations to the charitable trust after his death will be overlooked by his daughter and two sons.