Warren Buffett changes his will: the Bill & Melinda Gates Foundation will not receive donations after his death. The “Oracle of Omaha,” 94 years old in August, considered one of the most important investors ever, told the Wall Street Journal che his wealth will go to a new charity overseen by his three sons, Susie71 years old, Howie69 years old, and Peter Buffett66 years old.
The three brothers will have to decide unanimously to which philanthropic purpose to allocate the funds. “I feel very, very good when I think about the values that my three children have and I have 100% confidence in the way they will carry things forward,” Buffett said. In various interviews, the three have stated that they do not yet know how they will use the patrimony of the father.
The billionaire had previously stated that in his will more than 99% of his assets were earmarked for philanthropic purposes such as Bill & Melinda Gates Foundation and to the four charities connected to his family: the Susan Thompson Buffett Foundation, the Sherwood Foundation, Howard G. Buffett Foundation and the NoVo Foundation. To the Gates Foundation, active in global health, poverty and gender equality, Buffett donated 39.3 billion from 2006 to 2023 and was its director until 2021. The Gates Foundation will continue to receive donations as long as the investor is alive.
The reasons for this change of heart are unknown. Buffett and the Gates have always said they were friends, however after the divorce between Bill and Melinda Gates, in 2021, the Oracle of Omaha left his place on the board of the Foundation.
Maxi donation
On Friday, June 28, Buffett donated 13,008,758 Class B shares of Berkshire to five charities, his largest donation ever. The investor converted 8,674 Class A shares into Class B shares and donated 9,930,357 shares to the Bill & Melinda Gates Foundation Trust, 993,035 shares to Susan Thompson Buffett Foundation (which belongs to his daughter Susie), while another 695,122 shares each will go to the Sherwood Foundation, the Howard G. Buffett Foundation (his son Howard) and the NoVo Foundation (his younger son, Peter). These transactions bring the number of Berkshire Class A shares owned by Buffett to 207,963 Class A shares and 2,586 Class B shares, with a total value of $128 billion.
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Publication time: 01/07/2024 15:01
Last update: 01/07/2024 16:02
