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Warren Buffett announces $6 billion in donations to five foundations (apnews.com)

submitted 2 days ago* (last edited 2 days ago) by cm0002@lemmy.world to c/usa@midwest.social

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NEW YORK (AP) — Famed investor Warren Buffett is donating $6 billion worth of his company’s stock to five foundations, bringing the total he has given to them since 2006 to roughly $60 billion, based on their value when received.

Buffett said late Friday that the shares of Berkshire Hathaway will be delivered on Monday. Berkshire Hathaway owns Geico, Dairy Queen and a range of other businesses, and Buffett is donating nearly 12.4 million of the Class B shares of its stock. Those shares have a lower and easier-to-digest price tag than the company’s original Class A shares, and each of the B shares was worth $485.68 at their most recent close on Friday.

The largest tranche is going to the Bill & Melinda Gates Foundation Trust, which will receive 9.4 million shares. The Susan Thompson Buffett Foundation will receive 943,384 shares, and the Sherwood Foundation, Howard G. Buffett Foundation and NoVo Foundation will each receive 660,366 shares.

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[–] LeninOnAPrayer@lemm.ee 10 points 2 days ago* (last edited 2 days ago)

Thanks. Glad someone typed this so I didn't have to.

In addition to what you said. Most "aid" organizations, especially when it comes to those with a billionaires name attached to it are used strategically by corporations to flood local markets with the crops or resources the country would need to sustain itself independently.

Meaning, they flood the local markets with rice for example, so that no local farmers can reasonably make any money growing it. This forces the local farmers to grow the most profitable crop that the corporations can best exploit for profit. Sugarcane, Bananas, whatever is a very climate dependent crop usually.

Those who come with wheat, millet, corn or milk, they are not helping us. Those who really want to help us can give us ploughs, tractors, fertilizers, insecticides, watering cans, drills and dams. That is how we would define food aid.

-Thomas Sankara (Pan-Africanist revolutionary)

This is the "soft power" of imperialism. It is about forcing dependence in under developed countries to keep them from becoming self sustainable.

Allowing billionaires to decide who gets aid and what they get is a fundamental part of imperialism and capitalist exploitation.

Billionaires are parasites. If they wanted to help people they'd jump infront of a bus.