Warren Buffett Donates $1.14 Billion, Updates Will, Opposes Creating Dynastic Wealth

Nov 25, 2024, 03:57 PM

Billionaire investor Warren Buffett, whose personal fortune is estimated at $147 billion, has announced the conversion of 1,600 Berkshire Hathaway Class A shares into 2.4 million Class B shares, amounting to approximately $1.14 billion, which he is donating to four family foundations. This latest donation reduces his holdings of Class A shares to 206,363, marking a 56.6% decrease since his 2006 pledge to give away most of his wealth. Buffett, whose Berkshire Hathaway holdings account for 99.5% of his wealth, emphasized his commitment to philanthropy and reiterated his stance against creating "dynastic" wealth. He stated that upon his death, his children will have full responsibility for gradually distributing all of his Berkshire holdings. Additionally, Buffett has updated his will, designating three potential successor trustees to administer his estate in the event that his children are unable to do so.