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June 26, 2006

Warren Buffet stuns the world with $37 billion donation to charity

The Oracle of Omaha ,Warren Buffet ,is to donate about $37bn - which is about 85 % of his personal fortune . About $31bn of that will be given to Bill and Melinda Gates Foundation.

"
Buffett has pledged to gradually give 85% of his Berkshire stock to five foundations. A dominant five-sixths of the shares will go to the world's largest philanthropic organization, the $30 billion Bill & Melinda Gates Foundation, whose principals are close friends of Buffett's (a connection that began in 1991, when a mutual friend introduced Buffett and Bill Gates)."



Buffett's contribution will not be made all at once, but rather in 5 percent annual increments.So,
the value of the donated amount every year will depend on the current price at that time.Therefore,the actual total value is expected to be much more than the $37bn announced now.

B&MG Foundation issued a statement saying
“We are awed by our friend Warren Buffett’s decision to use his fortune to address the world's most challenging inequities, and we are humbled that he has chosen to direct a large portion of it to the Bill & Melinda Gates Foundation."


Just for comparison ,the total market capitalisation of UNDIVIDED Reliance Industries works out to approximately $24.6 bn.[Calculation is based on this]

There is much more information out there >>

Bill & Mellinda Gates Foundation statement
Fortune article
Letters from Warren E. Buffett regarding pledges to make gifts of Berkshire stock.
Intricate working details



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