Munger Says His Gift to UCSB Worth Near $65-Million

Billionaire Berkshire Hathaway executive Charles Munger has donated $65-million in company stock to the Kavli Institute for Theoretical Physics at the University of California, Santa Barbara, The New York Times and campus newspaper The Daily Nexus report. The gift, to be formally announced Friday, will support construction of a residence hall for physicists who come to the institute from around the world to share ideas and discuss developments in the field.

Bloomberg reported Wednesday that the 90-year-old vice chairman of Warren Buffett’s investment firm had given the university shares worth $20.7-million. Asked by The Daily Nexus to confirm the report, Mr. Munger said the amount was “more like 65 million dollars” and that the school has already cashed out the stock. He said he was motivated by his admiration for the institute, calling it “by far the most important program for visiting physicists in the world.”