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Old 07-07-2011, 06:03 PM  
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Buffett donates $1.5 billion

Buffett donates $1.5 billion to Gates Foundation
World's third-richest person has pledged to give away nearly all his wealth

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NEW YORK ? Investor Warren Buffett has donated another $1.5 billion to the Bill & Melinda Gates Foundation, part of his plan that began in 2006 to donate 99 percent of his wealth.
According to a filing with the Securities and Exchange Commission, Buffett on Thursday donated 19.34 million Class B shares of his insurance and investment company Berkshire Hathaway Inc. to the Gates Foundation.
The B shares closed up $1.25 at $77.77, while Berkshire Class A shares closed up $1,840 at $116,640.
Bill Gates, the co-founder of Microsoft Corp. and a Berkshire director, and his wife Melinda created the Gates Foundation in the 1990s to address education, health and poverty problems.
More on charity and philanthropy
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Buffett is the world's third-richest person, with a $50 billion net worth, Forbes magazine said in March.
The Gates Foundation said it employs 927 people, spent $2.6 billion last year, and has a $37.1 billion endowment.
Buffett expects the foundation to spend his gifts, which have totaled roughly $9.5 billion.
The number of shares that Buffett donates declines by 5 percent each year.
Buffett and Gates launched a philanthropy effort called The Giving Pledge in June 2010 to get the wealthiest individuals and families in America to commit to giving the majority of their wealth to charity.
Buffett donates alt=.5 billion-sunvalley.jpg 

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