Warren Buffett Donates $1.14 Billion, Children to Distribute His Berkshire Fortune

Nov 25, 2024, 07:14 PM

Warren Buffett, the 94-year-old billionaire investor and chairman of Berkshire Hathaway, announced a donation of approximately $1.14 billion in Berkshire Hathaway stock to four family foundations. This latest gift involves converting 1,600 Class A shares into 2.4 million Class B shares to facilitate the donation. Following this donation, Buffett's holdings of Class A shares will decrease to 206,363 shares, marking a 56.6% reduction since his 2006 pledge to gradually give away his fortune. His Berkshire holdings account for 99.5% of his wealth. Buffett, whose personal fortune is estimated at $150 billion, emphasized his commitment to philanthropy and his stance against creating dynastic wealth, stating, "I have never wished to create a dynasty or pursue any plan that extended beyond the children." He advised parents to discuss their wills with their children before signing them, regardless of their wealth. Upon his death, his children will have full responsibility for gradually distributing all of his Berkshire holdings, and he has designated three independent successor trustees to oversee his philanthropy in the event his children are unable to do so.