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Munger Donates $34 Million in Stock to Art Gallery, School

Charles Munger, vice chairman of Berkshire Hathaway Inc. Photographer: Daniel Acker/Bloomberg
Charles Munger, vice chairman of Berkshire Hathaway Inc. Photographer: Daniel Acker/Bloomberg

June 10 (Bloomberg) -- Charles Munger, the vice chairman at Warren Buffett’s Berkshire Hathaway Inc., donated about $34 million in the company’s stock to two organizations last month as the investor passes on his wealth.

Munger donated 189 Class A shares to the Henry E. Huntington Library and Art Gallery in San Marino, California, and 11 shares to Los Angeles’s Marlborough School, both on May 29, he said in a regulatory filing today. The Omaha, Nebraska-based company closed at $169,402 that day. The Huntington donation will help fund the new Education and Visitor Center, the organization said on its website.

Munger, 89, in April pledged $110 million of securities to the University of Michigan to fund fellowships and a graduate-student residence. Buffett, the world’s third-richest man, said at the company’s annual meeting in May that he was giving away about 1 percent of Berkshire’s total stock count every year, and described that sum as insignificant, based on the trading volume of shares.

“There’s nothing as insignificant as an extra $2 billion to an old man,” Munger said in response to the remark from Buffett, 82.

To contact the reporter on this story: Noah Buhayar in New York at nbuhayar@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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