Warren Buffett has donated more than $870 million U.S. worth of Berkshire Hathaway (BRK.A / BRK.B) stock ahead of the American Thanksgiving holiday.
Buffett donated the stock to four family foundations, including one set-up in memory of his late wife Susan.
In a letter announcing the donation, Buffett, age 93, assured investors that his Berkshire Hathaway holding company is “built to last.”
Buffett donated 1.5 million Class B shares of his conglomerate to the Susan Thompson Buffett Foundation, named for his deceased wife.
He also gave 300,000 Class B shares to each of the three foundations run by his children: the Sherwood Foundation, the Howard G. Buffett Foundation, and the NoVo Foundation.
Buffett has pledged to give away the bulk of his $120 billion U.S. fortune to charity. He has been making annual donations to the same four charities since 2006.
Berkshire owns a vast array of businesses ranging from Geico insurance to BNSF Railway. It also owns about 6% of Apple (AAPL) stock.
Canadian businessman Greg Abel, who currently serves as vice-chairman for non-insurance operations at Berkshire Hathaway, has been named Buffett’s successor when he passes away.
Berkshire Hathaway’s Class B stock has gained 17% this year and currently trades at $361 U.S. per share.