Additional Coverage:
- Warren Buffett says he’ll put his $130 billion fortune into a charitable trust run by his children after he dies (newsbreak.com)
In an interview with The Wall Street Journal, legendary investor and Berkshire Hathaway CEO Warren Buffett has revealed that his substantial wealth will be channeled into a charitable trust following his demise. This trust is to be overseen by his three children, who are already deeply involved in philanthropy through their own individual foundations.
Buffett, whose Berkshire Hathaway shares are valued at approximately $130 billion, expressed complete confidence in his children’s ability to manage this fortune wisely. He explained, “I feel very, very good about the values of my three children, and I have 100% trust in how they will carry things out.” His children, Susie, Howie, and Peter, will need to reach a unanimous agreement on the philanthropic initiatives to support.
Each of Buffett’s children heads a foundation with specific focus areas: Susie Buffett directs both the Sherwood Foundation, which aims at improving education and social justice, and the Susan Thompson Buffett Foundation, which concentrates on reproductive rights. Howie Buffett leads the Howard G.
Buffett Foundation, tackling food security, conflict resolution, and human trafficking issues. Peter Buffett and his wife oversee the NoVo Foundation, engaged in supporting indigenous groups among other projects.
Buffett, who has been donating to the various foundations operated by his children as well as the Bill & Melinda Gates Foundation since 2006, indicated a halt to contributions to the Gates Foundation after his death, noting, “The Gates Foundation has no money coming after my death.” Buffett, who was a trustee of the Gates Foundation until 2022, has donated 5% of his remaining Berkshire shares annually since initiating his philanthropic efforts. The conversion of 8,674 Berkshire Class A shares into Class B shares was announced as a part of his ongoing commitment to philanthropy.
Buffett jokingly remarked on his decision not to dictate the use of the funds posthumously, “I like to think I can think outside the box, but I’m not sure if I can think outside the box when it’s 6 feet below the surface and do a better job than three people who are on the surface who I trust completely.”
Warren Buffett’s decision marks a significant commitment to philanthropy as his ultimate legacy, entrusting his vast fortune to a charitable trust managed by his progeny for the greater good.