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Buffett donates another $5.3 billion, says his children will manage the wealth
The “Oracle of Omaha” has pledged to donate the fortune he built at Berkshire, the Omaha, Nebraska-based conglomerate he began managing in 1965. Buffett has made annual donations to the five charities since 2006.
After Friday’s donations, Buffett owns 207,963 Berkshire A shares and 2,586 B shares, worth about $130 billion.
New Charity Fund
In an interview with Wall Street JournalBuffett has clarified that upon his death, the massive fortune he amassed building the unique conglomerate will be directed to a new charitable trust overseen by his three children.
“It should be used to help people who aren’t as lucky as us,” he told the Journal. “There are eight billion people in the world, and my kids and I are in the 100th luckiest 1% or something. There are many ways to help people.”
Buffett has previously said that his three children are the executors of his will, as well as the named trustees of the charitable trust that will receive more than 99% of his wealth.
He told the Journal that the Bill & Melinda Gates Foundation will no longer receive donations after his death. Buffett resigned as a trustee of the Gates Foundation in June 2021, amid his divorce from Bill and Melinda Gates.
At Berkshire’s annual meeting in May, Buffett spoke openly with shareholders about a future when he is no longer in charge, appearing solemn at times as he ponders his advanced age and reflects on his late friend and business partner Charlie Munger.
Greg Abel, vice president of non-insurance operations at Berkshire, was named Buffett’s successor and assumed most of the responsibility at the conglomerate.
Buffett previously said his will would be made public after his death.
“After my death, the disposition of my assets will be an open book – no ‘imaginative’ trusts or foreign entities to avoid public scrutiny, but rather a simple will available for inspection in the Douglas County Circuit Court,” Buffett said in November .