Warren Buffet Donates $1.1 Billion

New Delhi| Warren Buffett, Berkshire Hathaway’s leading billionaire investor and philanthropist, has donated an additional $1.1 billion to several foundations. The move continues their long-standing promise to donate their vast $150 billion fortune over their lifetime and gradually thereafter. In his latest letter to Berkshire Hathaway shareholders Buffett, 94, expresses deeply personal views on the precariousness of life and shares detailed plans for the distribution of his assets after his passing.

Buffett announced the conversion of 1,600 Class A shares of Berkshire Hathaway into 2,400,000 Class B shares and announced the distribution of these to four family entities.

Susan Thompson Buffay Foundation (1,500,000 shares)
Sherwood Foundation (300,000 shares)
Howard G. Buffet Foundation (300,000 shares)
Novo Foundation (300,000 shares)
The donation has reduced Buffett’s share of Berkshire Class A shares to 206,363, a significant step towards fulfilling a resolution he made in 2006 to donate the majority of his estate. Since that resolution, he has already donated about 57% of his stake in Berkshire.

In the letter, Buffett openly discussed his views on life and death. He acknowledged the inevitability of “Father Time”. Buffett recalled the passing of his first wife, Susie. He had died in 2004. According to Buffett, as a couple we always believed that she would outlive him (Buffey) and oversee the distribution of his property, but circumstances changed. Buffett wrote, “Time always wins. To this day, I’ve been very lucky, but soon he’ll come to me” Buffett highlighted the significant impact of his wealth on philanthropy and has reported that his largest donation to date-about $43 billion-has gone to the Bill & Melinda Gates Foundation.

Buff reveals that he has updated his will to clarify how the remaining 99.5% of his estate will be distributed after his death. He trusted his three children – Susie, Howie and Peter – to handle the gradual distribution of their holdings in Berkshire. “I never made any plans to move forward relying on business lineage or to push children forward in work”, the billionaire said, sharing his belief in avoiding ancestral property However, Buffett acknowledged the challenges of spending such large sums of money effectively. He said that it may take more than the lifetime of his children to distribute this money. To solve this problem, he has named three potential successor trustees. There is a special provision in Buffett’s will according to which his children will have to take unanimous decisions regarding the distribution of their property. He explained this by highlighting the complexities and risks involved in managing large-scale philanthropy, where those distributing significant amounts of money may face challenges or exploitation.