The famous investor Warren Buffet revealed what will happen to his fortune. In an interview with the Wall Street Journal, the 93-year-old said he had rewritten his will. Until now, the assumption was that after Buffett's death, his estate would go to the Bill and Melinda Gates Foundation. However, the record has changed.
Buffett, 93, is the CEO of Berkshire Hathaway. In an interview with the Wall Street Journal, he revealed that he has changed the content of his will again and that he does not plan to continue donating to the Bill and Melinda Gates Foundation after his death. He said he would place his fortune in a new charitable trust overseen by his three children.
Warren Buffettphotosince/Shutterstock
Buffett told the Journal that he has changed his will several times, and that he developed the latest plan because of his trust in his children's values and how they will share his fortune. As CNN notes, each of Buffett's children has their own philanthropic organizations.
“I feel very, very good about the values of my three children, and I have 100 percent confidence in how they will handle it,” Buffett told the WSJ.
Buffett previously said his will calls for more than 99% of his estate to be donated to charity to the Bill & Melinda Gates Foundation and four organizations associated with his family: the Susan Thompson Buffett Foundation, the Sherwood Foundation, the Howard G. Buffett Foundation and the NoVo Foundation.
Buffett's Donations to the Gates Foundation
As CNN notes, the change in the will does not affect the investor's current activities for the Gates Foundation. “For now, however, Buffett apparently plans to continue donating to the Gates Foundation for the rest of his life,” it said.
“Warren Buffett has been an extraordinary generous donor and advisor to the Gates Foundation for more than 18 years,” Mark Suzman, the foundation's chief executive, said in a statement to CNN. “We are deeply grateful for his latest gift and his contributions to our work, which total approximately $43 billion,” he said. As CNN recalls, Melinda Gates announced in May that she would be leaving the organization, with her last day being June 7 — but the foundation has not yet changed its name.
Last year, Buffett donated approximately $870 million to four charities run by his familyand in 2022 it provided them with approximately $750 million.
“After the newly announced donations, Buffett owns 207,963 Berkshire Hathaway Class A shares and 2,586 Class B shares, the company said. The shares are worth about $128 billion,” CNN reported.
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