Berkshire Hathaway Chairman Warren Buffett with $120 Billion Fortune Current Will Gives 99% of Wealth to Charitable Trust with 3 Children Aged 65 to 70 Named as Executors of Will, Donates $870 Million of Shares to 4 Charities
29th November 2023 | Hong Kong
Berkshire Hathaway Chairman Warren Buffett with $120 billion fortune current will gives more than 99% of his wealth to a charitable trust with his 3 children (Age 65 to 70) named as executors of his will. Warren Buffett has also donated $870 million of shares to 4 charities: 1) Susan Thompson Buffett Foundation, 2) The Sherwood Foundation, 3) The Howard G. Buffett Foundation and 4) NoVo Foundation (1,600 A shares into 2,400,000 B shares of Berkshire Hathaway). Berkshire Hathaway on Mr. Buffett’s comments to his fellow shareholders: “My three children are the executors of my current will as well as the named trustees of the charitable trust that will receive 99%-plus of my wealth pursuant to the provisions of the will. They were not fully prepared for this awesome responsibility in 2006, but they are now. In administering the testamentary trust, the three must act unanimously. Because of the random nature of mortality, successors must always be designated. The trust’s charter will be broad. Laws in respect to philanthropy will change from time to time, and wise trustees above ground are preferable to any strictures written by someone long gone. Whatever the rules – and rules are necessary – private philanthropy will always have an important place in America. The testamentary trust will be self-liquidating after a decade or so and operate with a lean staff. To the extent possible, it will be funded by Berkshire shares. Berkshire – one of the largest and most diversified companies in the world – will inevitably encounter human errors in judgment and behavior. These occur at all large organizations, public or private. But these mistakes are unlikely to be serious at Berkshire and will be acknowledged and corrected. We have the right CEO to succeed me and the right Board of Directors as well. Both are needed. In the short-term, Berkshire’s distinctive characteristics and behavior will be supported by my large Berkshire holdings. Before long, however, Berkshire will earn whatever reputation it then deserves. Decay can occur at all types of large institutions, whether governmental, philanthropic or profit-seeking. But it is not inevitable. Berkshire’s advantage is that it has been built to last. After my death, the disposition of my assets will be an open book – no “imaginative” trusts or foreign entities to avoid public scrutiny but rather a simple will available for inspection at the Douglas County Courthouse.” See below for full letter | View letter here
“ Berkshire Hathaway Chairman Warren Buffett with $120 Billion Fortune Current Will Gives 99% of Wealth to Charitable Trust with 3 Children Aged 65 to 70 Named as Executors of Will, Donates $870 Million of Shares to 4 Charities “
Berkshire Hathaway Chairman Warren Buffett with $120 Billion Fortune Current Will Gives 99% of Wealth to Charitable Trust with 3 Children Aged 65 to 70 Named as Executors of Will
21st November 2023 – Today, Warren E. Buffett converted 1,600 A shares into 2,400,000 B shares in order to give these B shares to four family foundations: 1,500,000 shares to The Susan Thompson Buffett Foundation and 300,000 shares to each of The Sherwood Foundation, The Howard G. Buffett Foundation and NoVo Foundation. These donations have been delivered today.
The donations itemized above repeat those made at Thanksgiving last year. They supplement certain of the lifetime pledges I made in 2006 and that continue until my death (at 93, I feel good but fully realize I am playing in extra innings). The 2006 pledges, available at berkshirehathaway.com, include various conditions, all of which continue to be met by the recipients.
- My three children are now – and this is hard for their father to believe – between 65 and 70 years of age. For some years, their foundations have distributed substantial sums, occasionally to the same donee. Usually, however, the three follow different paths. My children, along with their father, have a common belief that dynastic wealth, though both legal and common in much of the world including the United States, is not desirable. Moreover, we have had many opportunities to observe that being rich does not make you either wise or evil. We also agree that capitalism – whatever its weaknesses, including the vast disparities in wealth and political influence that it delivers somewhat capriciously to its citizens – has worked wonders and continues to work wonders. The United States is exhibit A for that belief, and the four of us feel lucky that we beat very long odds when we were born in the U.S.
- My three children are the executors of my current will as well as the named trustees of the charitable trust that will receive 99%-plus of my wealth pursuant to the provisions of the will. They were not fully prepared for this awesome responsibility in 2006, but they are now.
- In administering the testamentary trust, the three must act unanimously. Because of the random nature of mortality, successors must always be designated. The trust’s charter will be broad. Laws in respect to philanthropy will change from time to time, and wise trustees above ground are preferable to any strictures written by someone long gone. Whatever the rules – and rules are necessary – private philanthropy will always have an important place in America.
- The testamentary trust will be self-liquidating after a decade or so and operate with a lean staff. To the extent possible, it will be funded by Berkshire shares. Berkshire – one of the largest and most diversified companies in the world – will inevitably encounter human errors in judgment and behavior. These occur at all large organizations, public or private. But these mistakes are unlikely to be serious at Berkshire and will be acknowledged and corrected. We have the right CEO to succeed me and the right Board of Directors as well. Both are needed.
- In the short-term, Berkshire’s distinctive characteristics and behavior will be supported by my large Berkshire holdings. Before long, however, Berkshire will earn whatever reputation it then deserves. Decay can occur at all types of large institutions, whether governmental, philanthropic or profit-seeking. But it is not inevitable. Berkshire’s advantage is that it has been built to last.
After my death, the disposition of my assets will be an open book – no “imaginative” trusts or foreign entities to avoid public scrutiny but rather a simple will available for inspection at the Douglas County Courthouse.
At Thanksgiving I have much to be thankful for. And to all of my partners in ownership of Berkshire, I wish you and your families the best in health and happiness.
Warren Buffett
About Berkshire
Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, retailing and services. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.
Berkshire Hathaway Warren Buffett Donates $870 Million of Shares to 4 Charities: Susan Thompson Buffett Foundation, The Sherwood Foundation, The Howard G. Buffett Foundation & NoVo Foundation
25th November 2023 – Berkshire Hathaway Chairman Warren Buffett has donated $870 million of shares to 4 charities: 1) Susan Thompson Buffett Foundation, 2) The Sherwood Foundation, 3) The Howard G. Buffett Foundation and 4) NoVo Foundation (1,600 A shares into 2,400,000 B shares of Berkshire Hathaway). In August 2023, Warren Buffett celebrated his 93rd birthday on 30th August 2023 (1930), with Berkshire Hathaway then-the 8th largest company in the world by market value at $785 billion on 31st August 2023. In June 2023, Berkshire Hathaway Chairman Warren Buffett donated $4.6 billion of shares to 5 charities including Bill & Melinda Gates Foundation. Warren Buffett has no debt and has Berkshire Hathaway Class A Shares valued at around $112 billion representing 99% of his net worth. Warren Buffett has 218,287 Berkshire Hathaway Class A shares and 344 Class B Berkshire Hathaway shares. Warren Buffett is a founder of The Giving Pledge, a moral commitment by the world’s wealthiest to give the majority of their wealth to charitable causes. The Giving Pledge is a global philanthropic movement launched in 2010 by Microsoft chairman Bill Gates & Melinda Gates along with Berkshire Hathaway chairman Warren Buffett with a total of 40 billionaires.
“ Berkshire Hathaway Warren Buffett Donates $870 Million of Shares to 4 Charities: Susan Thompson Buffett Foundation, The Sherwood Foundation, The Howard G. Buffett Foundation & NoVo Foundation “
Warren Buffett Celebrates 93rd Birthday on 30th August 2023, Berkshire Hathaway 8th Largest Company by Market Value at $785 Billion on 31st August 2023
1st September 2023 – Warren Buffett celebrated his 93rd birthday on 30th August 2023 (1930), with Berkshire Hathaway currently the 8th largest company in the world by market value at $785 billion on 31st August 2023. In June 2023, Berkshire Hathaway Chairman Warren Buffett donated $4.6 billion of shares to 5 charities including Bill & Melinda Gates Foundation. Warren Buffett has no debt and has Berkshire Hathaway Class A Shares valued at around $112 billion representing 99% of his net worth. Warren Buffett has 218,287 Berkshire Hathaway Class A shares and 344 Class B Berkshire Hathaway shares. Warren Buffett is a founder of The Giving Pledge, a moral commitment by the world’s wealthiest to give the majority of their wealth to charitable causes. The Giving Pledge is a global philanthropic movement launched in 2010 by Microsoft chairman Bill Gates & Melinda Gates along with Berkshire Hathaway chairman Warren Buffett with a total of 40 billionaires.
Berkshire Hathaway Warren Buffett Donates $4.6 Billion of Shares to 5 Charities Including Bill & Melinda Gates Foundation, Warren Buffett Has No Debt & Remaining Berkshire Hathaway A Shares Valued at $112 Billion Representing 99% of Net Worth
29th June 2023 – Berkshire Hathaway Chairman Warren Buffett has donated $4.6 billion of shares to 5 charities including Bill & Melinda Gates Foundation. Warren Buffett has no debt and has Berkshire Hathaway Class A Shares valued at around $112 billion representing 99% of his net worth. Warren Buffett has 218,287 Berkshire Hathaway Class A shares and 344 Class B Berkshire Hathaway shares. Warren Buffett is a founder of The Giving Pledge, a moral commitment by the world’s wealthiest to give the majority of their wealth to charitable causes. The Giving Pledge is a global philanthropic movement launched in 2010 by Microsoft chairman Bill Gates & Melinda Gates along with Berkshire Hathaway chairman Warren Buffett with a total of 40 billionaires.
The Giving Pledge
Bill Gates, who founded the Giving Pledge together with Melinda French Gates and Warren Buffett: “I’ve always believed that if you’re in a position to help somebody, you should do it. It’s great to welcome this new group of philanthropists to the Giving Pledge community as we continue to learn from each other and find new ways to maximize the positive impact of our philanthropy.”
Melinda French Gates:“I’m inspired to see how the Giving Pledge has grown into a movement of over 230 philanthropists from around the world who are committed to giving away the vast majority of their wealth to address some of the most pressing issues in our society.”
The Giving Pledge is a global philanthropic movement launched in 2010 by Microsoft chairman Bill Gates and Melinda Gates along with Berkshire Hathaway chairman Warren Buffett with a total of 40 billionaires. The Giving Pledge is a moral commitment by the world’s wealthiest to give the majority of their wealth to charitable causes.
Notable names are:
- Facebook founder Mark Zuckerberg and Priscilla Chan ($103 billion)
- Tesla founder Elon Musk ($162 billion)
- Oracle founder Larry Ellison ($90 billon)
- Virgin Group founder Richard Branson and Joan Branson. ($5 billion)
- Linkedin founder Reid Hoffman and Michelle Yee ($2 billion)
- David Rockefeller, deceased 2017 (3.8 billion)
Notable names from finance are:
- Bridgewater Associates founder Ray Dalio & Barbara Dalio ($20 billion)
- Blackstone founder Stephen Schwarzman ($23 billion)
- Carlyle Group founder David Rubeinstein ($4 billion)
- Bloomberg founder Michael Bloomberg ($59 billion)
- Icahn Enterprises founder Carl Icahn ($15 billion)
- Tudor Investment founder Paul Tudor Jones and Sonia ($7 billion)
(2021 net worth)
Signers of the Giving Pledge
Signers of the Giving Pledge commit to give the majority of their wealth to philanthropy, either during their lifetimes or in their wills.
To Join the Giving Pledge
To join the Giving Pledge, billionaires will need to have at least $1 billion in personal net worth and and are ready to make a public pledge to donate the majority of their personal wealth to philanthropy. Visit: The Giving Pledge
Sign Up / Register
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