Additional Coverage:
- Warren Buffett just published a mini letter about his plans to give his billions away, his kids — and how lucky he’s been (newsbreak.com)
Warren Buffett, the billionaire CEO of Berkshire Hathaway, has announced plans to donate $1.2 billion worth of company stock to his family’s foundations.
Buffett, 94, wrote a letter to shareholders explaining his decision. He plans to transfer 1.6 million Class A shares into 2.4 million Class B shares, with a total value of approximately $1.2 billion.
The shares will be distributed among four foundations: the Susan Thompson Buffett Foundation, named after his late wife; and three foundations established by his children.
Buffett emphasized his belief that children should receive enough wealth to pursue their interests but not enough to discourage them from working. He appointed three potential successor trustees to ensure his wealth is distributed wisely after his death.
Buffett also shared his thoughts on philanthropy, advocating for unanimous voting within his foundation and encouraging parents to involve their children in estate planning.
Reflecting on his life, Buffett acknowledged his privilege as a white male born in the United States. He noted that his sisters faced fewer opportunities, and he expressed gratitude for the wealth he has accumulated.
Buffett emphasized the importance of equal opportunity and the role of philanthropy in addressing wealth inequality. He commended his shareholders for their generosity and expressed pride in his children’s values, which align with his own.