Warren Buffett to donate $3.6 billion of stock to Gates Foundation, other charities

Warren Buffett is set to donate $3.6 billion in shares to five foundations including the Bill & Melinda Gates Foundation, The Wall Street Journal reported Monday.

Berkshire Hathaway, the conglomerate Buffett chairs, will reportedly give 16.8 million Class B stock to the Gates Foundation, Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation and NoVo Foundation.

{mosads}Buffett, 88, has pledged to give 85 percent of his stake in Berkshire Hathaway to the five foundations.

He has donated about $34 billion to the five foundations according to Berkshire Hathaway.

He says he plans to eventually give all of his shares to philanthropy. The plan would be completed 10 years after his estate has settled, according to the Journal.