Business

Warren Buffett gives $2.6b in stock to charities

Warren Buffett said in 2006 that he plans to donate his fortune gradually.

Warren Buffett said in 2006 that he plans to donate his fortune gradually.

OMAHA — Billionaire Warren Buffett is giving five charities more than $2.6 billion worth of Berkshire Hathaway Inc. stock as part of his overall plan to give away his fortune gradually.

Buffett announced the annual gifts Monday. The biggest block of Class B shares of Berkshire stock, worth $2 billion, is going to the Bill and Melinda Gates Foundation.

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Buffett also gave 1.75 million shares to his own foundation and 1.2 million shares to each of his three children’s foundations. The Class B shares closed up 5 cents at $115.01 on Monday.

Last year, Buffett announced plans to double the amount of stock he gives to his children’s foundations because he has been pleased with the work they have done.

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Buffett, the chairman and chief executive of Berkshire Hathaway, outlined his charitable plans in 2006 and has been making annual gifts since then.

Associated Press

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