Warren Buffett, the renowned philanthropist and chairman of Berkshire Hathaway, has decided to sever ties with the Bill & Melinda Gates Foundation after his death. This decision comes from the 93-year-old billionaire, who has donated over $39 billion to the foundation over the past 15 years. Buffett, whose estimated net worth is $129 billion, informed the Wall Street Journal of his revised will, stating that he would no longer continue donations to the Gates Foundation post-mortem. Instead, he plans to allocate his wealth to a new charitable trust managed by his three children.
Buffett emphasized his confidence in his children’s ability to uphold his values and effectively manage his fortune. Each of his children has established their own charitable organization, demonstrating a dedication to philanthropy. “I feel very, very good about the values of my three children, and I have 100% trust in how they will carry things out,” he told the Journal.
Previously, Buffett’s will designated over 99% of his estate for charitable purposes, with the Bill & Melinda Gates Foundation and four family-affiliated charities—the Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation—as beneficiaries. While his will specifies the end of donations to the Gates Foundation after his passing, Buffett seems intent on continuing support during his lifetime, at least for now.
Berkshire Hathaway announced on Friday that Buffett is converting approximately 9,000 Class A shares into over 13 million Class B shares. The remaining shares will be distributed to the four Buffett family organizations, with approximately 9.3 million going to the Bill & Melinda Gates Foundation Trust.
Mark Suzman, the foundation’s chief executive, expressed gratitude for Buffett’s contributions, stating, “Warren Buffett has been exceedingly generous to the Gates Foundation through more than 18 years of contributions and advice. We are deeply grateful for his most recent gift and contributions totaling approximately $43 billion to our work.”
It’s worth noting that Melinda Gates announced her departure from the organization in May, her last day being June 7. However, the foundation hasn’t yet undergone a name change. Buffett generously donated roughly $870 million to his family’s four organizations last year and about $750 million in 2022. Following these recent donations, Buffett currently holds 2,586 Class B shares and 207,963 Class A shares of Berkshire Hathaway, as per the company’s statement.
