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In 2010, Warren Buffett joined Bill and Melinda Gates in launching the ‘Giving Pledge’. He has promised to donate his wealth during his lifetime or after his death
In 2010, Warren Buffett, alongside Bill Gates and Melinda French Gates, initiated the ‘Giving Pledge’. (AP File)
World-renowned investor and Berkshire Hathaway chairman, Warren Buffett, is known for his philanthropic endeavours. On Monday, Buffett announced the donation of over $1.14 billion in Berkshire Hathaway stock to four family foundations. The American billionaire also disclosed details of his estate plan.
The company said in a statement that the 94-year-old investor will convert 1,600 Berkshire Class A shares into 2.4 million Class B shares. He will then give 1.5 million of those shares to the Susan Thompson Buffett Foundation, named after his late wife, and 300,000 shares to each of his children’s foundations: the Sherwood Foundation, the Howard G. Buffett Foundation, and the NoVo Foundation.
In 2010, Buffett, alongside Bill Gates and Melinda French Gates, initiated the ‘Giving Pledge’. Through this pledge, he committed to donating his wealth either during his lifetime or posthumously. Four years ago, he began making substantial donations to the Gates Foundation and foundations affiliated with his children.
The American billionaire has decided who will inherit his wealth after his death. However, he has not disclosed the identity of his successor. He stated that his children are aware of his decision and support it. The legendary investor reiterated his long-held stance against creating dynastic wealth within his family. Buffett has three children: Susie, Howard, and Peter.
Warren Buffett’s total wealth is $150.2 billion, according to the Bloomberg Billionaires Index. This makes him the seventh richest person in the world.
