Buffett Donates $1.14B to Foundations, Plans to Distribute 99.5% of Wealth Posthumously

Nov 25, 2024, 10:46 PM

Warren Buffett, the billionaire investor and CEO of Berkshire Hathaway, has announced a significant donation of $1.14 billion in Berkshire Hathaway shares to four family foundations. This move aligns with his long-standing commitment to philanthropy, as he has donated over $399 million shares of Berkshire Hathaway Class B stock since 2006, which today would be worth nearly $190 billion. Buffett's latest donation reduces his holdings of Class A shares to 206,363, marking a 56.6% decrease since his initial pledge in 2006. He also detailed plans for the distribution of his wealth after his death, emphasizing that his children will have full responsibility for gradually distributing all of his Berkshire holdings, which account for 99.5% of his wealth. Buffett has expressed his opposition to creating dynastic wealth, stating that he has never wished to establish a dynasty or extend his wealth beyond his children. To ensure the responsible management of his fortune, he has designated three potential successor trustees to oversee his philanthropy in the event his children are unable to do so. He has pledged to give away 99% of his fortune.