Updates from NoVo

Warren Buffett gives NoVo "reverse birthday gift"

30 August 2012

Warren Buffett celebrated his 82nd birthday today by doubling what remains of his original pledge of stock to each of his three children’s charitable foundations.

Warren announced the gifts in a letter made public Thursday, saying he is rewarding his children for the way they’ve run their foundations.

The new contributions, added to previous gifts, mean each foundation will receive about $2.1 billion in stock over time. In 2006, Buffett promised to give roughly $1 billion of Class B Berkshire Hathaway stock to each of the foundations his children run as part of a plan give the bulk of his fortune to charity.

Buffett said he decided to increase the amount his children will receive because of the progress they’ve made. “I’m very pleased about how all three of them have handled the contributions in the last six years,” Buffett told The Associated Press. “They’ve done everything I’ve hoped for and more with the original gifts.”

Peter Buffett said it’s nice to hear his father praise the charitable work he has been doing and that this latest gift should enable NoVo Foundation to accomplish more. “It means we get to go deeper essentially.”

All of us at NoVo wish Warren a very happy birthday.