June 28th 2024.
One of the wealthiest men in the world has recently made a significant change in the way he plans to use his fortune after his passing. At the age of 93, Warren Buffett, the chairman of Berkshire Hathaway, revealed in an interview with the Wall Street Journal that he has revised his will once again. This time, he has decided not to continue his donations to the Bill & Melinda Gates Foundation, but instead, he will entrust his wealth to a new charitable trust managed by his three children.
In the interview, Buffett shared that this was not the first time he has made changes to his will. He explained that his decision to create a new plan was based on his full confidence in his children's values and their ability to distribute his wealth in a responsible manner. Each of his children also has their own philanthropic organizations, which gave Buffett even more assurance in their capabilities.
Previously, Buffett had stated that over 99% of his estate would be used for philanthropic purposes, with the majority going to the Bill & Melinda Gates Foundation and four other charities associated with his family. However, in light of his recent decision, it seems that Buffett will continue to make donations to the Gates Foundation during his lifetime.
In a move that further solidifies his commitment to philanthropy, Buffett announced that he will be converting 9,000 Class A shares into more than 13 million Class B shares, with the majority going to the Bill & Melinda Gates Foundation Trust. The rest will be divided among the four charities run by his family. This is a significant contribution, with a total value of approximately $43 billion.
Mark Suzman, the chief executive of the Gates Foundation, expressed his gratitude for Buffett's continuous support and generosity over the years, which has amounted to billions of dollars. He also acknowledged that Buffett's most recent gift will greatly aid in their ongoing work.
It is worth mentioning that Melinda Gates, who announced her departure from the foundation in May, has not yet changed its name. However, it is clear that Buffett's contributions will continue to make a significant impact on the foundation's work, as he has already donated millions to the four charities run by his family in the past year.
Overall, with this new plan in place, Buffett currently owns 207,963 Berkshire Hathaway Class A shares and 2,586 Class B shares, with a total value of approximately $191.4 billion. His decision to entrust his wealth to his children's charitable trust is a testament to his confidence in their values and their ability to continue his legacy of philanthropy.
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