Warren Buffett, 93, chairman of Berkshire Hathaway, has changed how his vast fortune will be distributed in the future. In an exclusive interview with The Wall Street Journal, Buffett revealed that he has updated his will to stop donating to the Bill & Melinda Gates Foundation after his death. Instead, his fortune will be directed to a new charitable trust managed by his three children.
“After I die, the Gates Foundation will not receive any money,” Buffett said, as quoted in the report.
Buffett explained that he made multiple amendments to his will because he believed so strongly in his children’s values and ability to manage his charitable legacy, and that each of his children already runs their own charities.
“I’m very happy with the values of my three children and have 100 percent confidence that they will make things work,” Buffett asserted, as quoted in the report.
Previously, Buffett had pledged to donate more than 99% of his fortune to the Bill & Melinda Gates Foundation and four family-related charities: the Susan Thompson Buffett Foundation, the Sherwood Foundation, the Howard G. Buffett Foundation and the Novo Foundation.
Livemint could not independently verify this news development.
Despite the changes to his will, Buffett has continued to donate to the Gates Foundation throughout his life.
On Friday, Berkshire Hathaway said Buffett would convert about 9,000 Class A shares into more than 13 million Class B shares, of which about 9.3 million will go to the Bill & Melinda Gates Foundation Trust and the rest will be distributed among the Buffett family’s four charities.
“Warren Buffett has provided extraordinary generosity to the Gates Foundation through his gifts and advice for more than 18 years,” foundation CEO Mark Suzman told CNN. “His recent gifts and contributions total nearly $43 billion, and we are deeply grateful for his work at the foundation.”
Last year, Buffett donated about $870 million to his family’s four charities and plans to give another $750 million in 2022.
With the newly announced donation, Buffett will retain ownership of 207,963 Class A shares and 2,586 Class B shares of Berkshire Hathaway, valued at approximately $128 billion.
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