OMAHA, Neb.—Billionaire Walter Scott is transferring nearly all of his stock in Level 3 Communications to his charitable foundation to support his giving.
Scott transferred 1.75 million shares of Level 3 stock worth nearly $53 million to the Suzanne and Walter Scott Foundation on Monday.
Scott remains chairman of Level 3’s board, and the company said Tuesday he pledged to retain about 160,000 shares of the operator of fiber optic networks.
Scott has made generous donations to the Omaha Zoo and Aquarium, University of Nebraska at Omaha, University of Nebraska Medical Center and Colorado State University.
The 82-year-old Scott also serves on the board of Warren Buffett’s Berkshire Hathaway conglomerate and is chairman emeritus of Peter Kiewit Sons Inc.
Level 3 is based in Broomfield, Colo.
