Winning Bizness Desk
Mumbai. Warren Buffett, the 93-year-old chairman of Berkshire Hathaway and the noted philanthropist, has changed his mind about the will and vowed that he has no plans to continue donating to the Bill & Melinda Gates Foundation after his death. He said, he will put his assets in a new charitable trust which will be overseen by his three children. Buffett said, "No money will go to the Gates Foundation after my death." It is worth noting that Buffett has changed his will several times and now he has made a new plan due to his belief in the values of his children and how they will distribute his wealth. Each of Buffett's children has their own charitable organization.
What Buffett has to say?
Buffett said, "I feel very, very good about the value of my three children and I have 100% confidence in how they will take things forward." Earlier, Buffett had said that his will states that more than 99% of his wealth will be left to the philanthropic work carried out by the Bill & Melinda Gates Foundation and four charities associated with his family: the Susan Thompson Buffett Foundation, the Sherwood Foundation, the Howard G. Buffett and the NoVo Foundation. However, Buffett plans to continue donating to the Gates Foundation during his lifetime. Berkshire Hathaway said Friday that Buffett is converting about 9,000 Class A shares into more than 13 million Class B shares. About 9.3 million shares will be given to the Bill & Melinda Gates Foundation Trust, with the rest divided among the four Buffett family charities.
Donated $870 million last year
"Warren Buffett has been extremely generous to the Gates Foundation through his contributions and advice over more than 18 years," Mark Suzman, the foundation's chief executive, said in a statement to CNN. "We are very grateful for his most recent gift and contribution of nearly $43 billion to our work." Buffett donated about $870 million to four charities run by his family last year and about $750 million to them in 2022. After the newly announced donation, Buffett owns 207,963 Berkshire Hathaway Class A shares and 2,586 Class B shares, the company said. The shares are worth about $128 billion.
