The World's Second-richest Man Gives His Money To World's Richest Man

The world's second-richest person and most successful investor, Warren Buffett, Chief Executive of Berkshire Hathaway is donating about $37 billion in stock (based on Friday's closing share price) to a charitable foundation started by Microsoft co-founder Bill Gates.

Buffett whose networth is estimated at $44 billion made a pledge to give away 85 percent of his personal fortune starting in July.

Most of the money which will go to the foundation started by his close friend Bill Gates, will radically boost the resources of the Bill and Melinda Gates Foundation, which is already the world's largest philanthropy with assets of more than $29 billion.

"I know what I want to do and it makes sense to get going," Buffett told Fortune in a story published online for the July 10 edition.

The announcement comes after Gates, 50, said give up his daily duties at the Redmond, Wash.-based software company in 2008 to focus more on his foundation.

The gift is contingent on one of the Gateses continuing to be involved in the foundation, Buffett said.