Warren Buffett explained the reason for his gift of $750 million in Berkshire Hathaway stock during the Thanksgiving celebration. According to the business mogul and investor, this altruistic act is a way to appreciate his children for their charitable work. At a press briefing, Warren Buffett explained:
“I’m personally proud of the way my children have turned out; I’m glad they know I’m proud of them. It’s the ultimate support for my children, and it’s the ultimate statement that my children don’t want to be dynastically rich.”
Warren Buffett’s Thanksgiving gift
On the eve of Thanksgiving, Warren Buffett donated a significant amount of Berkshire Hathaway stock to four foundations associated with his family. The charitable gesture included 1.5 million shares of BRK.A Class B stock to the Susan Thompson Buffett Foundation, named after his first wife. The legendary investor also contributed 300,000 shares of Class B stock each to three foundations run by his children. The beneficiaries are the Sherwood Foundation, the Howard G. Buffett Foundation and the NoVo Foundation.
Despite the size of Warren Buffett’s Thanksgiving gift, his generosity did not extend to the Bill & Melinda Gates Foundation this time. However, the billionaire has repeatedly expressed his desire to donate his fortune over time. In addition, Warren Buffett has donated to the same five charities every year for about sixteen years. For example, in June, theOracle of Omaha“gave 11 million Berkshire Hathaway Class B shares to the Gates Foundation and nearly 2 million shares to his family foundations. This family distribution saw 1.1 million B shares go to the Susan Thompson Buffett Foundation and 770,218 shares each credited to his children’s three foundations.
Buffett is not interested in investing in crypto-currencies
Warren Buffett remains closed to the digital currency craze, despite his history as a prolific investor. In May, the traditional investor said that bitcoin and crypto-currencies are worthless. Stating that he would not commit his funds to crypto-currency investments, Buffett said at the time about BTC:
“Whether it goes up or down next year, or in five or ten years, I don’t know. But the only thing I’m pretty sure of is that it’s not producing anything.”
In addition, the founder, chairman and CEO of Berkshire Hathaway also cynically added, “[Le bitcoin] is magic, and people attach magic to a lot of things.“
At the time, Warren Buffett’s comments about bitcoin drew the ire of the crypto community, who argued that the token was worth more than he suggested.
BYD, backed by Warren Buffett, drops plans to take its semiconductor unit in China public.
In other recent Warren Buffett-related news, a Chinese manufacturing company backed by Berkshire Hathaway recently withdrew plans to take a semiconductor unit in China public. On Nov. 16, reports indicated that BYD Co Ltd was no longer moving forward with its planned $281 million initiative. The abandoned semiconductor unit was supposed to generate a significant amount of money to fund various projects.
Following its withdrawal, BYD Ltd said it did not anticipate any adverse monetary effects.