Warren Buffett Lines Up Successors To Potentially Help Donate $150 Billion Fortune | Global News Avenue

Warren Buffett announced on Monday that he has identified a second-generation successor to fulfill his pledge to give away nearly all of his vast fortune.

Buffett He said in a letter to shareholders that he has given his children “full responsibility for the gradual distribution of all of my Berkshire shares.” However, he acknowledged that the three of them – aged 66, 69 and 71 respectively – might have trouble dividing their fortunes than most. economy for the rest of their lives.

“Accordingly, three potential successor trustees have been named,” Buffett wrote. He did not name the successors but noted that they are “slightly younger” than his children and are “well known” to them.

“But these successors are all on the waiting list. I want Susie, Howie and Peter to pay all my fees themselves assets”, Berkshire Hathaway (BRK.A; BRK.B) the CEO added.

Buffett donates $1 billion to family foundation

Buffett’s revelation came as he announced he would donate more than $1 billion to his family’s philanthropic foundation, part of the 94-year-old’s long-standing commitment to give away much of his wealth during his lifetime or shortly after his death.

Buffett Monday said he was Convert 1,600 Class A shares Berkshire Hathaway to 2.4 million Class B shares, valued at more than $1.14 billion as of Friday’s close. The Susan Thompson Buffett Foundation, named for Buffett’s first wife, who died in 2004, will receive 1.5 million shares. Each of his three children’s foundations will receive 300,000 shares.

How Buffett’s Giving Plan Has Changed

Buffett first pledged to donate 85% of his Berkshire stock in 2006. The vast majority are designated for Bill and Melinda Gates foundation, and the remainder will be distributed among the Buffett family’s four foundations. In 2010, Buffett and the Gateses raised their commitment to 99% by launching the Giving Pledge, an initiative that encourages wealthy Americans to invest more than 50% of their wealth in philanthropy. charitable in their lives or their initiatives will.

The recipients of his pledge happened earlier this year after Buffett revealed that he would stop donating to the Gates Foundation and instead entrust his entire fortune to his children under a plan that would require unanimous agreement from everyone. changed. charitable distribution.

Buffett The decision to change the direction of the donation was explained in Monday’s letter, explaining that when he first made the commitment, his children “were not ready to handle the staggering wealth generated by Berkshire stock.” “Between 2006 and 2024, I had the opportunity to observe each of my children in action, and they learned a lot about large-scale philanthropy and human behavior,” he said.

Buffett donated more than half of Berkshire shares in stock The group’s share price has risen eightfold in the past two decades since 2006, boosting the legendary investor’s fortunes wealth An estimated $150 billion. Buffett said on Monday that the Berkshire shares he has entrusted his children to sell represent 99.5% of his wealth.