Buffett to Transfer Most of His Wealth to Gates Foundation

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Amid all of the news leaking out of this week's Allen & Co. media confab at the Sun Valley resort came this stunner late Thursday: Warren Buffett, who attends the Idaho event each July, has announced that he plans to transfer the majority of his wealth to the Bill and Melinda Gates Foundation.

In a Thursday filing with the Securities and Exchange Commission, Buffett, one of the wealthiest men on the planet, made an annual gift of Berkshire Hathaway stock to the Gates Foundation, totaling $1.5 billion. The gift was his fifth installment in Buffett's plan to transfer the majority of his wealth to the Seattle-based foundation run by the Microsoft co-founder and his wife. The Gates foundation is the world's largest with an endowment of approximately $37 billion.

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