Buffett’s revised will: A shift in philanthropic focus
Warren Buffett, 93, chairman of Berkshire Hathaway, has announced significant changes to his will. In an exclusive interview with the Wall Street Journal, Buffett revealed that his fortune will no longer be directed to the Bill & Melinda Gates Foundation after his death. Instead, a new charitable trust managed by his three children will receive his wealth.
“The Gates Foundation has no money coming after my death,” Buffett told the Journal.
Confidence in his children’s philanthropic values
Buffett explained that his decision to alter his will, which he has revised multiple times, stems from his confidence in his children’s values and their ability to manage his wealth effectively. Each of his children already runs their own philanthropic organization.
“I feel very, very good about the values of my three children, and I have 100% trust in how they will carry things out,” Buffett said.
Previous commitments and ongoing donations
Previously, Buffett had pledged over 99% of his estate to the Bill & Melinda Gates Foundation and four family-related charities: the Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation. Currently, he continues to donate to the Gates Foundation during his lifetime.
On Friday, Berkshire Hathaway announced Buffett’s conversion of approximately 9,000 Class A shares into over 13 million Class B shares. About 9.3 million shares will go to the Gates Foundation Trust, with the remainder distributed among the four Buffett family charities.
“Warren Buffett has been exceedingly generous to the Gates Foundation through more than 18 years of contributions and advice,” said Mark Suzman, the foundation’s chief executive. “We are deeply grateful for his most recent gift and contributions totaling approximately $43 billion to our work.”
Recent and upcoming contributions
Last year, Buffett donated about $870 million to his family’s four charities, following a $750 million donation in 2022. With these new donations, Buffett’s holdings include 207,963 Berkshire Hathaway Class A shares and 2,586 Class B shares, valued at roughly $128 billion.
As Buffett realigns his philanthropic strategy, his commitment to significant charitable giving remains unwavering, underscoring his belief in both family and impactful philanthropy.