Ahead of Thanksgiving, Warren Buffett donated $870 million to charitable causes.

Ahead of Thanksgiving, Warren Buffett, the renowned investor and philanthropist, is continuing his tradition of philanthropy by donating approximately $870 million to four family-run foundations. This donation, part of Buffett’s ongoing commitment to giving away most of his considerable fortune, is made in the form of Berkshire Hathaway shares.

The Susan Thompson Buffett Foundation, named after Buffett’s late wife, will receive 1.5 million shares. An additional 900,000 shares will be divided equally among three charities run by his children. This gesture is in line with the annual donations Buffett has been making since 2006, following the pledge he made that year. Last year, he donated about $750 million to these same foundations.

In a recent letter to shareholders, Buffett, who has a net worth of around $120 billion, expressed his and his children’s shared belief against dynastic wealth. They believe that while legal and common, especially in the United States, such wealth is not desirable. Buffett also acknowledged the strengths and flaws of capitalism, recognizing its remarkable achievements despite creating significant disparities in wealth and political influence.

Buffett, 93, remains at the helm of Berkshire Hathaway, a conglomerate with a diverse portfolio of businesses. In 2021, he named Greg Abel, the head of the conglomerate’s non-insurance business, as his successor. Under Buffett’s leadership, Berkshire Hathaway has seen robust growth, reporting a surge in its third-quarter operating earnings and reaching a record-high cash reserve of $157 billion. The company is structured to endure long-term, with Buffett’s significant holdings in Berkshire Hathaway ensuring continued support for its distinctive characteristics and behavior.