Warren Buffett: Warren Buffett, owner of Berkshire Hathaway Company, has donated shares worth $5.3 billion. Buffett’s will states that after his death, 99 percent of his remaining wealth will be spent on charitable works. Buffett and his holding company Berkshire Hathaway announced this on Friday morning.
Buffett said he will donate more than 13 million Class B shares of Berkshire Hathaway to five foundations. His Class B shares closed at $407.95 on Thursday, valuing his wealth at $5.3 billion.
These five trusts got the money
QUARTZ reported that according to Buffett’s will, the Bill and Melinda Gates Foundation Trust will receive shares worth $4 billion. The Susan Thompson Buffett Foundation, headed by Buffett’s daughter Susie, will receive $400 million. Apart from this, the Sherwood Foundation (which is also headed by Susie), the Howard G. Buffett Foundation (headed by his son Howie) and the NoVo Foundation (headed by his other son Peter) will receive more than $280 million.
The 93-year-old investor first listed the five foundations’ annual grants in 2006, setting commitments to them. Buffett said in a statement, “The five foundations have received Berkshire B shares worth about $55 billion, which is more than his entire net worth in 2006.” Buffett said that I do not have any debt.
Warren Buffett has expressed confidence in his children
Legendary investor Buffett told The Wall Street Journal that after his death, almost all of his remaining wealth will be put into a new charitable trust. This trust will be overseen by his daughter and two sons. Buffett said that after his death, contributions to the Bill and Melinda Gates Foundation will stop. His children will decide which foundation to invest the money in. Buffett has expressed confidence in his children that they will use the money properly.
Buffett said, ‘This money should be used to help those who are not as lucky as us. There are eight billion people in the world, out of which I and our children are among the 1 percent or more lucky ones.’