In his annual tradition of philanthropy, billionaire investor Warren Buffett has announced that he will be donating approximately $870 million to four family-run foundations just ahead of the Thanksgiving holiday. The donations, made in the form of shares, are part of Buffett's ongoing commitment to giving away his massive wealth, which currently amounts to around $120 billion.

According to a release from his Berkshire Hathaway conglomerate, the Susan Thompson Buffett Foundation will receive 1.5 million shares, named after Buffett's late wife. Additionally, three charities run by his children will equally divide 900,000 shares.

This year's donation echoes the generosity demonstrated by Buffett last Thanksgiving when he gifted approximately $750 million to the same foundations. In fact, the billionaire investor has been consistently making similar donations since 2006, supplementing certain lifetime pledges he made back then.

In a letter addressed to shareholders, Buffett explained, "We have a common belief that dynastic wealth, though legally permissible and prevalent in many parts of the world, is not desirable." He went on to express his and his children's agreement that capitalism, despite its flaws, has proven to be a remarkable system. "Capitalism has worked wonders and continues to work wonders," Buffett noted.

Highlighting the enduring strength of his company, Berkshire Hathaway, Buffett emphasized that "Berkshire's advantage is that it has been built to last." He reassured shareholders that its distinctive characteristics and behavior will be supported by his substantial holdings in the company.

The timing of this significant donation comes after Berkshire Hathaway recently reported impressive third-quarter operating earnings and a record-high cash pile of $157 billion. This financial position further solidifies Buffett's ability to pursue his philanthropic endeavors.

Warren Buffett's consistent commitment to giving back and addressing the disparities in wealth and influence is a testament to his dedication to making a difference in the world. Through his immense generosity, he continues to set an example for others to follow, reminding us of the profound impact one individual can have on society.