In 2010, Warren Buffett joined Bill and Melinda Gates in launching the ‘Giving Pledge’. He has promised to donate his wealth during his lifetime or after his death
World-renowned investor and chairman of Berkshire Hathaway, Warren Buffett is known for his philanthropic efforts. On Monday, Buffett announced donations of more than $1.14 billion in Berkshire Hathaway stock to four family foundations. The American billionaire also revealed details of his estate plan.
The 94-year-old investor will convert 1,600 Berkshire Class A shares into 2.4 million Class B shares, the company said in a statement. He will then give 1.5 million of those shares to the Susan Thompson Buffett Foundation, named after his late wife, and 300,000 shares to each of his children’s foundations: the Sherwood Foundation, the Howard G. Buffett Foundation and Novo Foundation.
In 2010, Buffett, along with Bill Gates and Melinda French Gates, launched the ‘Giving Pledge’. By this pledge, he committed his wealth to charity during his lifetime or posthumously. Four years ago, he began making significant donations to the Gates Foundation and foundations linked to his children.
An American billionaire has decided who will inherit his fortune after his death. However, he did not reveal the identity of his successor. He said his children are aware of his decision and support him. The legendary investor reiterated his long-standing stance against building family wealth. Buffett has three children: Susie, Howard and Peter.
According to the Bloomberg Billionaires Index, Warren Buffett’s net worth is $150.2 billion. This makes him the seventh richest person in the world.