Warren Buffet, Chairman of Berkshire Hathaway, has announced that he will leave almost all of his wealth to a public-interest trust managed by his three children after his death.
In an interview with the Wall Street Journal (WSJ) published on the 28th, Buffet revealed that he had recently amended his will to reflect this decision. He has already donated more than half of his Berkshire stocks, and the value of the stocks he currently holds is around $130 billion based on the day’s rate.
In 2006, he committed to making annual donations to five charitable foundations, but it was unclear what would happen to his wealth after his death. Buffett has clarified that his contributions to the Gates Foundation, where he served as a director until 2001, will end after his passing. The Gates Foundation focuses on global health, poverty alleviation, and gender equality. Since 2006, Buffett has donated $39.3 billion to the foundation.
The public-interest trust will be established, and his eldest daughter and two sons must unanimously decide how to use the money for charitable purposes. His daughter Susie Buffet is the director of the Sherwood Foundation, which promotes early childhood education and social justice. She is also the chairperson of the Susan Thompson Buffet Foundation, which provides college scholarships. His son Howard Buffet runs a farm and leads the Howard G. Buffet Foundation, which works on food security, conflict resolution, and eradication of human trafficking. The youngest, Peter Buffet, is a composer who runs the NoVo Foundation while operating indigenous communities.
“I feel very, very good about the values of my three children, and I have 100% trust in how they will carry things out,” said Buffet.
Berkshire has also announced that Buffet will donate an additional $5.3 billion in Berkshire stocks to five charities.
Most Commented