Thursday, August 30, 2012
Warren Buffett gives 'reverse birthday gift' to children's foundations
The letter to his kids is also posted
Warren Buffett is celebrating his 82nd birthday today by doubling what remains of his original pledge of stock shares to the three foundations run by his children, Susan, Howard and Peter.
That means he will donate about $100 million a year to each foundation, up from an average of $64 million annually. By the time his pledge is fulfilled, the three foundations will receive what, at today's share price, amounts to $2.08 billion.
Over the past six years, the foundations already have received $1.16 billion.
“What a wonderful thing to do on his birthday,” said Peter, a New York musician and co-chairman of the Novo Foundation with his wife, Jennifer. “When he thinks about doing something, he gets excited about it. It's sort of a reverse birthday gift.”
Susan Buffett, whose Sherwood Foundation supports educational and anti-poverty programs in the Omaha area and nationally, said her father can be sentimental about birthdays. “I love that — ‘Happy birthday to his kids.' It's so sweet that he did that.”