In a recent interview with the Wall Street Journal, Warren Buffett, the chairman of Berkshire Hathaway, announced a significant change in how his fortune will be donated after his death. Buffett, 93, revealed that he has updated his will and will no longer be continuing donations to the Bill & Melinda Gates Foundation. Instead, he plans to put his wealth into a new charitable trust overseen by his three children.
“The Gates Foundation has no money coming after my death,” Buffett told the Journal. He expressed confidence in his children’s values and their ability to distribute his wealth through their individual philanthropic organizations.
Previously, Buffett had earmarked more than 99% of his estate for philanthropic purposes, including donations to the Gates Foundation and four family charities. However, with his new plan, he is shifting his focus to his children and their respective organizations.
Berkshire Hathaway announced that Buffett is converting 9,000 Class A shares into over 13 million Class B shares, with a significant portion going to the Bill & Melinda Gates Foundation Trust. Mark Suzman, the foundation’s chief executive, expressed gratitude for Buffett’s contributions totaling approximately $43 billion.
Despite the changes in his will, Buffett continues to donate to the Gates Foundation during his lifetime. Last year, he donated about $870 million to his family’s charities and plans to donate approximately $750 million in 2022.
With the newly announced donations, Buffett now owns 207,963 Class A shares and 2,586 Class B shares in Berkshire Hathaway, totaling roughly $128 billion in value.
