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Gates Foundation to sell 60 million Berkshire class B shares

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.