Warren Buffett (Trades, Portfolio) said he intends to distribute all of his holdings in Berkshire Hathawayn (NYSE:BRK.B) by the end of 2034, outlining a long-term charitable giving plan.
As part of that effort, Buffet will convert 8,000 Berkshire Hathaway Class A shares into about 12 million Class B shares and donate the stock to four foundations. The largest portion, 9 million shares, is earmarked for the Susan Thompson Buffett Foundation, while the Sherwood Foundation, Howard G. Buffett Foundation and Novo Foundation will each receive 1 million shares.
Following the donation, Buffett is expected to retain 188,290 Berkshire Hathaway Class A shares and 1,162 Class B shares. He said the annual grants are intended to increase over time, with the Susan Thompson Buffett Foundation receiving a somewhat faster rate of growth than the other organizations.
Buffett also noted that his three children are expected to oversee the disposal of his remaining Berkshire Hathaway shares. He expressed confidence that the process could be completed by Dec. 31, 2034.