Munger Donates $34 Million in Stock to Art Gallery, SchoolNoah Buhayar
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.