Warren Buffett donated 1.3 billion dollars

Warren Buffett, the head of the investment company Berkshire Hathaway, announced in a letter to his shareholders that he will donate 1.3 billion dollars. This was reported by Zamin.uz.

To achieve this goal, Buffett exchanged 1,800 "A" class shares of the company for 2.7 million "B" class shares. These funds will be directed to family charitable foundations.

Specifically, 1.5 million shares will be given to the Susan Thompson Buffett Foundation, and 400,000 shares each to the Howard Buffett Foundation, The Sherwood Foundation, and the NoVo Foundation. Warren Buffett emphasized that he plans to allocate additional funds to his children's charitable organizations for the rest of his life.

Additionally, he plans to step down from the position of CEO of Berkshire Hathaway by the end of this year. However, he will continue to serve as chairman of the board of directors.

Greg Abel is expected to be appointed as the new CEO. The company's net income for the first quarter of this year amounted to 4.6 billion dollars, which is 64 percent less compared to the same period last year.