Buffett donates another $5.3 billion, says his children will manage estate | Wilnesh News

Warren Buffett made his largest annual donation yet on Friday, giving away $5.3 billion worth of funds. Berkshire Hathaway Shares were shared with five charities.

The legendary investor, who turns 94 in August, reportedly converted his 8,674 Berkshire Class A shares into more than 13 million Class B shares. statement on friday. A total of 9.93 million shares were donated to the Bill & Melinda Gates Foundation, while the remainder was donated to the Susan Thompson Buffett Foundation, named for his late first wife, and by his children Howard, Three charities led by Susan and Peter Buffett.

The “Oracle of Omaha” pledged to donate the wealth he accumulated in Berkshire. , Buffett donates to these five charities every year.

After Friday’s donation, Buffett owns 207,963 Berkshire A shares and 2,586 B shares, worth about $130 billion.

New Charitable Trust

during an interview wall street journalBuffett clarified that upon his death, the vast fortune he amassed from building the one-of-a-kind conglomerate will be transferred to a new charitable trust overseen by his three children.

“It should be used to help people who are less fortunate than us,” he told the Wall Street Journal. “There are eight billion people in the world, and me and my kids, we’re the luckiest one percent of the 1 percent or something like that. There are a lot of ways to help people.”

Buffett has previously said that his three children are the executors of his will and the designated trustees of a charitable trust that will receive more than 99% of his wealth.

He told the Wall Street Journal that the Bill & Melinda Gates Foundation will no longer accept donations after his death. In June 2021, following the divorce of Bill Gates and Melinda Gates, Buffett resigned as a trustee of the Gates Foundation.

At Berkshire’s annual meeting in May, Buffett spoke candidly to shareholders about his future after he is no longer at the helm. As he pondered his advanced age and reflected on his late friend and business partner Charlie Munger, he had He looked very serious.

Greg Abel, Berkshire’s vice chairman of non-insurance operations, was named Buffett’s successor and assumed most of the group’s responsibilities.

Buffett has previously said his will will be made public after his death.

Buffett said in November: “After my death, the disposition of my assets will be an open book – no ‘imaginative’ trusts or foreign entities to avoid public scrutiny, but a simple will for Douglas. County Court Inspection.