The bulk of Monday's donation—9.43 million shares valued at roughly $4.6 billion—went to the Bill & Melinda Gates Foundation Trust12. Buffett served as a trustee for the foundation from 2006 to 2021 but announced last year he would cease donations to the organization after his death34.

The remaining shares were distributed among family foundations: 943,384 shares to the Susan Thompson Buffett Foundation, named after his first wife, and 660,366 shares each to three organizations led by his children—the Howard G. Buffett Foundation, Sherwood Foundation, and NoVo Foundation56.

To facilitate the donations, Buffett converted 8,239 Class A shares into 12,358,500 Class B shares, which are more easily transferred and liquidated by charitable organizations16. Each Class B share closed at $485.68 on June 277.

The donation comes as Buffett prepares to step down as Berkshire Hathaway's CEO by year-end, with Vice Chair Greg Abel, 62, expected to succeed him1. Buffett announced his succession plans in May, causing Berkshire's stock to fall nearly 6%2.

Despite giving away tens of billions of dollars, Buffett retains control of Berkshire through his Class A shares, which carry nearly all voting power1. He still owns 13.8% of the company's stock, with his remaining holdings worth approximately $145 billion1.

Buffett's 2006 pledge to donate 99.5% of his fortune established him as a leader in what became known as philanthrocapitalism1. He co-founded the Giving Pledge with Bill Gates in 2010, encouraging billionaires to give away at least half their wealth1.

"Nothing extraordinary has occurred at Berkshire; a very long runway, simple and generally sound decisions, the American tailwind and compounding effects produced my current wealth," Buffett said in his announcement2. "My will provides that about 99½% of my estate is destined for philanthropic usage."