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Warren Buffett donates billions to Gates foundation

Warren Buffett, the world's second-richest man, has announced plans to give away an estimated 85 percent of his estimated US$44 billion wealth to charity.

Most of the donations will, ironically, go to a foundation run by Bill Gates, the wealthiest man on the planet.

The investment guru said in a statement yesterday that he would act on letters sent to Gates and other foundations "that contain irrevocable pledges" to start transferring shares in his Berkshire Hathaway conglomerate to them from next month.

He explained the motivation for his gesture in an interview with Fortune magazine, which said the handouts would amount to about 85 percent of his wealth.

"I know what I want to do," he was quoted as saying, "and it makes sense to get going."

Buffett, 75, said he had no immediate health concerns.
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