As Thanksgiving approaches, Warren Buffett, billionaire investor, is continuing his pattern of philanthropy by donating $870 million to four family-run foundations. This tradition of giving back reflects Buffett’s commitment to sharing his substantial wealth, estimated at around $120 billion.
The generous donations are structured in the form of shares from Buffett’s conglomerate, Berkshire Hathaway. A notable portion, comprising 1.5 million shares, is earmarked for the Susan Thompson Buffett Foundation, a tribute to his late wife. Additionally, 900,000 shares are being evenly distributed among three charities spearheaded by his children.
The Susan Thompson Buffet Foundation, via which Buffet manages most of his charitable giving, supports Planned Parenthood and several international service charities, including the World Food Programme.
Buffett, in a statement released by Berkshire Hathaway, mentioned that these donations are a continuation of the annual Thanksgiving tradition he began in 2006. Last year alone, he contributed about $750 million to the same foundations.
In a letter to shareholders, Buffett shared his perspective on wealth and capitalism, emphasizing his family’s belief against dynastic wealth. Despite acknowledging the flaws in capitalism, he expressed that it has worked wonders, with Berkshire Hathaway being a testament to enduring success.
The 93-year-old billionaire, who humorously acknowledges playing in “extra innings,” highlighted that the donations complement lifetime pledges made in 2006, continuing until his eventual passing. Buffett remains actively involved in steering his sprawling company, naming Greg Abel as his successor in 2021.
Berkshire Hathaway recently reported a surge in third-quarter operating earnings, coupled with a record-high cash reserve of $157 billion. As Buffett continues to make headlines for his charitable contributions, his actions serve as a reminder of the positive impact immense wealth can have when wielded with a compassionate and giving heart. This Thanksgiving, Buffett’s generosity is a beacon of inspiration for others to share their blessings with those in need.