Five foundations to benefit from annual gift of Berkshire Hathaway shares

Warren Buffett has lived up to his pledge made in June last year with gifts of 572,375 Berkshire Hathaway shares to five foundations.

Each year during Buffett’s lifetime the number of shares given to each foundation decreases by 5%. Based on the recent share price this year's value amounted to $2.12bn, 5% higher than last year.

Most of the shares (475,000) went to the Bill & Melinda Gates Foundation. The rest went to Buffett's own foundation and the foundations run by each of his three children, reported Dow Jones.

Buffett said in a statement that he would not participate in the investment decisions of any of the five foundations.