![Warren Buffett, Chairman of Berkshire Hathaway, is attending Berkshire Hathaway's annual general shareholders' meeting held in Omaha, Nebraska, USA on May 3, 2024. (Reuters/File Photo) Warren Buffett, chairman and CEO of Berkshire Hathaway, attends the Berkshire Hathaway annual shareholders meeting in Omaha, Nebraska, U.S., May 3, 2024. (Reuters/File Photo)](https://images.news18.com/ibnlive/uploads/2021/07/1627283897_news18_logo-1200x800.jpg?impolicy=website&width=510&height=383)
Warren Buffett, chairman and CEO of Berkshire Hathaway, attends the Berkshire Hathaway annual shareholders meeting in Omaha, Nebraska, U.S., May 3, 2024. (Reuters/File Photo)
Buffett announced that he had updated his will to stop donations to the Bill & Melinda Gates Foundation after his death.
Investor Warren Buffett, 93, is making big changes to his philanthropy plans. In a recent interview wall street journal, he revealed that he was revising his will to manage his vast fortune after his death through a new charitable trust managed by his three children. This means that his significant donations to the Bill & Melinda Gates Foundation will cease upon his death.
“There will be no money coming into the Gates Foundation after I die,” Buffett told the Wall Street Journal.
In an exclusive interview with the Journal, Buffett announced that he had updated his will to stop donating to the Bill & Melinda Gates Foundation after his death. Instead, his assets will be transferred to a new charitable trust managed by his three children.
In a recent interview with the Journal, Warren Buffett revealed that he has revised his will several times. His recent decisions reflect his strong faith in his children's judgment and their ability to distribute their wealth responsibly. In particular, Buffett's descendants each lead charitable organizations.
“I feel very, very positive about the value of my three children and have 100 percent confidence in how they will handle things,” Buffett told the Journal.
Buffett has previously said he intends to allocate more than 99% of his wealth to philanthropic causes, most notably the Bill & Melinda Gates Foundation and four family-affiliated charities: the Susan Thompson Buffett Foundation, the Sherwood Foundation and the Howard G. Buffett Foundation. . , and the NoVo Foundation.
However, for now, it appears that Buffett plans to continue donating to the Gates Foundation during his lifetime.
On Friday, Berkshire Hathaway announced that Buffett had converted about 9,000 shares into Class A shares and more than 13 million shares into Class B shares. Of these, approximately 9.3 million shares will be donated to the Bill & Melinda Gates Foundation Trust, and the remainder will be distributed to four Buffett family charities.
When Buffett pledged to donate to the Gates Foundation in 2006, he expressed his intention to include the foundation in his will.
He wrote of his then-committed annual donation of Berkshire Hathaway stock, “I will soon be making a new will to continue this commitment and to distribute or otherwise fulfill the remaining designated shares after my death.”
Buffett made it clear in a statement Friday that his initial donation pledge applied only during his lifetime.
Howard Buffett, who currently serves on Berkshire's board, is expected to take over as chairman after his father's death. However, Buffett's children are not expected to be involved in the company's day-to-day operations.