Berkshire Hathaway Inc. News Release
Warren Buffett Pledges an Additional $3 Billion of Berkshire Hathaway (BRK.A) Stock to His Three Childrens Foundations
OMAHA, Neb.--(BUSINESS WIRE)-- Today, Warren Buffett sent the following letter to his three children.
Dear Susie, Howie and Peter:
Its been six years since my pledge of 17,500,000 Berkshire B shares (adjusted for a 50 for 1 split) to each of your foundations.
I knew you would apply your considerable brains and energies in order to make the most of the funds from my gift. However, you have exceeded my high expectations. Your mother would be as proud of you as I am. I see her influence in what you are accomplishing.
Ive decided, therefore, to double the original pledge that now stands at 12,220,852 B shares. On the new base of 24,441,704 pledged shares, I will distribute 1,222,085 shares to each of the three foundations next July with that amount decreasing at 5% per year subsequently.
Over time, I would expect the value of the annual distribution to average more than $100 million, though it will vary substantially from year to year. Im confident you will use the money wisely, each in your own way.
Berkshire Hathaway and its subsidiaries engage in diverse business activities including property and casualty insurance and reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, retailing and services. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.
Marc D. Hamburg, 402-346-1400
Source: Berkshire HathawayCopyright Business Wire 2012