Warren Buffett has explained the reason behind his $750 million Berkshire Hathaway stock (NYSE: BRK.A) donation during the Thanksgiving celebration. According to the business magnate and seasoned investor, the altruistic act is a way to appreciate his children for their charitable work. In a media session, Buffett explained:
“I’ve got a personal pride in how my kids turned out; I feel good about the fact that they know I feel good about them. This is the ultimate endorsement in my kids, and it’s the ultimate statement that my kids don’t want to be dynastically wealthy.”
Warren Buffett Thanksgiving Donation
On Thanksgiving eve, Buffett donated a sizable amount of Berkshire Hathaway stock to four foundations associated with his family. This charitable gesture included 1.5 million Class B BRK.A shares to the Susan Thompson Buffett Foundation, named after his first wife. The legendary investor also disbursed 300,000 Class B shares apiece to three foundations operated by his children. Recipients are the Sherwood Foundation, the Howard G. Buffett Foundation, and the NoVo Foundation.
Despite the magnitude of Warren Buffett’s Thanksgiving donation, his generosity did not extend to the Bill & Melinda Gates Foundation this time around. However, the billionaire serial investor and philanthropist has repeatedly expressed his desire to give away his fortune over time. In addition, Buffett has donated every year to the same five charities for around sixteen years now. For instance, in June, the ‘Oracle of Omaha’ gave away 11 million Class B Berkshire Hathaway shares to the Gates Foundation and almost 2 million shares to his family’s foundations. This familial disbursement saw 1.1 million B shares go to the Susan Thompson Buffett Foundation and 770,218 shares apiece credited to his children’s three foundations.
Buffett Not Keen on Crypto Investments
Buffet remains closed off to the digital currency hype despite his proven track record as a prolific investor. In May, the traditional investor slammed Bitcoin (BTC) and cryptocurrencies as worth nothing. Avowing not to commit his funds to crypto investments, Buffett said of BTC at the time:
“Whether it goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything.”
Furthermore, the Berkshire Hathaway founder, chairman, and chief executive also cynically added, “[Bitcoin] has got a magic to it, and people have attached magics to lots of things.”
At the time, Buffett’s comments on Bitcoin drew the ire of the crypto community, who argued that the token was worth more than he suggested.
Warren Buffett-backed BYD Scraps Chinese Semiconductor Unit IPO Plans
In other recent Buffett-related news, a Berkshire Hathaway-backed Chinese manufacturing company recently withdrew plans for a semiconductor unit IPO in China. On November 16th, reports stated that BYD Co Ltd was no longer going ahead with its planned $281 million initiative. The scrapped semiconductor unit was supposed to generate a lofty sum to fund various projects.
Following its withdrawal, BYD Ltd said that it does not anticipate any adverse monetary effects.