How does the second-richest man in America celebrate his birthday? By giving other people presents.
Warren E. Buffett, who turns 82 on Thursday, is taking note of the occasion by increasing a donation of Berkshire Hathaway shares to the charitable foundations run by his children, according to a letter that was published by his hometown newspaper, The Omaha World-Herald. He estimated that the gift, to be distributed in annual installments, would be worth an average of more than $100 million each year.
“I knew you would apply your considerable brains and energies in order to make the most of the funds from my gift,†Mr. Buffett wrote in the letter. “However, you have exceeded my high expectations. Your mother would be as proud of you as I am.â€
Mr. Buffett is doubling what remains of an earlier pledge of Berkshire Hathaway Class B shares, he said in the letter to his children, Susan, Howard and Peter. The sweetened gift now amounts to 24,441,704 Clas s B shares, currently worth more than $2 billion.
The first installment, of 1,222,085 shares, will be distributed in July, and subsequent installments will decrease by 5 percent each year, Mr. Buffett said in the letter.
Mr. Buffett, whose net worth is estimated by Forbes to be $44 billion, has been a vocal (and musical) advocate for philanthropy, encouraging dozens of other wealthy families to give to charity.
At the outset of Mr. Buffett's 83rd year, Business Insider has compiled some of his most memorable quotes. One classic line comes from a 1989 letter to shareholders.
“It's far better to buy a wonderful company at a fair price,†Mr. Buffett wrote, “than a fair company at a wonderful price.â€
