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Buffett Donates Additional $5.3 Billion, Says Children Will Run Estate

The “Oracle of Omaha” has pledged to donate the fortune he built at Berkshire, the Omaha, Nebraska-based conglomerate he began running in 1965. Buffett has made annual donations to all five charities since 2006.

After Friday’s donations, Buffett owns 207,963 Berkshire A shares and 2,586 B shares, worth about $130 billion.

New Charitable Trust

In an interview with the Wall Street Journal, Buffett clarified that after his death, the enormous fortune he amassed building this one-of-a-kind conglomerate will be donated to a new charitable foundation overseen by his three children.

“We should use this money to help people who haven’t been as fortunate as we have been,” he told the Journal. “There are eight billion people in the world, and my children and I are among the luckiest 100 percent. There are many ways to help people.”

Buffett has previously said his three children are the executors of his will as well as the designated trustees of the charitable trust that will receive more than 99% of his wealth.

He told the Journal that the Bill & Melinda Gates Foundation will no longer receive donations after his death. Buffett resigned as a trustee of the Gates Foundation in June 2021, amid Bill and Melinda Gates’ divorce.

At Berkshire’s annual meeting in May, Buffett spoke candidly to shareholders about a future without him at the helm, appearing solemn at times as he reflected on his advanced age and thought about his late friend and business partner Charlie Munger.

Greg Abel, vice president of non-insurance operations at Berkshire, was named Buffett’s successor and assumed most responsibilities at the conglomerate.

Buffett had previously said his will would be made public after his death.

“After my death, the disposition of my assets will be an open book – no ‘fanciful’ trusts or foreign entities to avoid public scrutiny, but rather a simple will available for inspection at the Douglas County Courthouse,” Buffett said in November.

News Source : www.cnbc.com
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