The Bill & Melinda Gates Foundation intends to sell 60 million class B shares of Berkshire Hathaway Inc. by 2020, according to an ownership filing.
Under the sales plan, the foundation said its trust will sell the shares over a three-year period ending June 30, 2020. The foundation owned more than 68.7 million class B shares in the company as of Jan. 12, or about 5.3% of outstanding shares. The plan will become effective upon the expiration of a current sales plan, which is set to occur June 30, 2017.
The 60 million shares are worth about $9.63 billion, based on the $160.49-per-share closing price of Berkshire's class B shares on Jan. 18.
Bill Gates has served as a director on Berkshire Hathaway's board since 2005.