I’m glad he is smartening up and will no longer support Gates.
Warren Buffett, the renowned billionaire and chairman of Berkshire Hathaway, has announced that his substantial financial support for the Bill & Melinda Gates Foundation will not continue beyond his lifetime. In an interview, Buffett revealed details about his will, specifying that upon his passing, his current contributions to the Gates Foundation would cease. Instead, the stewardship of his remaining wealth will transition to a different charitable trust managed by his three children: Howard, Susie, and Peter.
Warren Buffett confirmed… that he planned to donate the vast majority of his [$130bn] wealth to a new foundation led by his three children when he dies, ending a long history of donating to the Bill & Melinda Gates Foundation.
https://t.co/GuaE4Fg5JP via @ft— Zainab Usman (@MssZeeUsman) June 29, 2024
Buffett, whose net worth is estimated at $127 billion, has been a major benefactor of the Gates Foundation, having donated more than $39 billion over the past 15 years. His decision to redirect future philanthropic efforts through a trust overseen by his children reflects his confidence in their ability to manage his legacy. He expressed complete trust in their values and decision-making, suggesting that the responsibility of his charitable contributions would be in capable hands.
Warren Buffett Reverses Pledge, Delivers Devastating News to the Gates Foundation via @WestJournalism https://t.co/7hyT380dal
— William J. Rocha (@WilliamJRocha) June 29, 2024
The Gates Foundation has been a significant philanthropic vehicle for Buffett since 2006, the year he also joined as a trustee. His departure from the foundation’s board in 2021 coincided with personal changes within the Gates family, following the divorce of Bill and Melinda French Gates.
The foundation, currently led by CEO Mark Suzman, faces new challenges with the impending cessation of Buffett’s financial contributions. Melinda French Gates praised Buffett’s past involvement, highlighting his role in championing the foundation’s mission to improve global health and development outcomes.
“Il miliardario Buffet cambia testamento: niente a Bill Gates Foundation”.
Bravo 💪🏻 https://t.co/rfE4DPInSk
— Stefania (@Stefania_144) June 29, 2024
Buffett’s philanthropy extends beyond the Gates Foundation; he has actively supported four other charities linked to his family. While his financial contributions to these organizations will continue for the duration of his life, the responsibility for future donations will also fall to his children posthumously.
The billionaire investor, aware of his fortunate position in society, expressed a desire for his fortune to be used to assist those less lucky, reflecting his ongoing commitment to making a significant impact through his wealth.
Key Points:
i. Warren Buffett has declared that his financial contributions to the Bill & Melinda Gates Foundation will cease after his death.
ii. Future control over Buffett’s philanthropic contributions will transfer to a different trust managed by his three children.
iii. Buffett’s decision marks a significant shift in his charitable giving strategy, reflecting his trust in his children’s values and decision-making abilities.
iv. Despite stepping down as a trustee in 2021, Buffett’s donations to the Gates Foundation have totaled over $39 billion in the past 15 years.
v. The continuation of Buffett’s philanthropic legacy will be handled by his children, who will oversee contributions to various charities he currently supports.
Susan Guglielmo – Reprinted with permission of Whatfinger News
