Warren Buffett's $870 Million Charitable Donation in Anticipation of Thanksgiving

Warren Buffett is continuing his tradition of generous giving by donating approximately $870 million to four family-run foundations just before the Thanksgiving holiday. This contribution is part of his ongoing commitment to give away his substantial wealth, which amounts to about $120 billion.

The donations consist of shares, as stated in a release from his Berkshire Hathaway conglomerate. Specifically, 1.5 million shares will be allocated to the Susan Thompson Buffett Foundation, named after his late wife. In addition, 900,000 shares will be evenly distributed among three charitable organizations operated by his children.

Buffett stated that the donations were a continuation of those made last Thanksgiving and served as additional support to his ongoing pledges made in 2006 until his passing. In the previous year, he contributed approximately $750 million to the same foundations, continuing the annual tradition of giving since 2006.

In a shareholder letter, Buffett stated that he and his children share a belief that generational wealth, while legal and prevalent in many parts of the world, is not favorable. He also acknowledged the flaws of capitalism, but emphasized that it has been incredibly successful and continues to be so.

Warren Buffett, CEO of Berkshire Hathaway, attends the 2019 annual shareholders meeting in Omaha, Nebraska, May 3, 2019.

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At 93 years old, he continues to lead the expansive company and has designated Greg Abel, the leader of Berkshire Hathaway's non-insurance division, as his successor in 2021.

Berkshire Hathaway recently reported a surge in third-quarter operating earnings and a record-high cash pile of $157 billion.