On June 28th local time, a statement from Berkshire Hathaway revealed that Buffett will donate approximately $5.3 billion (approximately 38.5 billion RMB) worth of Berkshire Hathaway B-Class shares to the Bill and Melinda Gates Foundation and four family charitable organizations, marking his largest annual donation since he began donating in 2006.
In addition, Buffett stated in an interview that he has revised his inheritance donation plan, donating almost all remaining wealth to a new charitable trust managed by his daughter and two sons.
"Stock God" modifies the will
On Friday local time, The Wall Street Journal published an interview article with the stock god Buffett. In an interview, Buffett rarely revealed the latest inheritance arrangements. Buffett stated that he has made multiple revisions to his will and has developed his current plan after seeing the children become more mature.
Buffett revealed that in the latest arrangement, he will donate all remaining wealth after his death to a newly established charitable trust fund, which will be jointly supervised and managed by his daughter Susan Buffett, two sons Howard Buffett, and Peter Buffett. Three people must unanimously decide how to use the money in this foundation.
Recently, Buffett has frequently mentioned his health issues, saying, "My doctor told me that my health is very good, and I do feel that I am in good health."
About his children, Buffett told his son Howard: "Consider developing important projects with your brothers and sisters. Pay attention to your hometown community, but have a broader vision. Judge according to the degree of fit between the project and your goals and the chance of success, not according to the person who made the request. I expect you will make some mistakes; but if you only make the decision of 'safety', then nothing important will be completed."
In addition, in his latest interview, Buffett made it clear: "After I pass away, I will not have the money to go to the Gates Foundation again."
According to the Gates Foundation, from 2006 to 2023, Buffett donated $39.3 billion to the foundation.
Buffett donates another $5.3 billion
According to a statement from Berkshire Hathaway on Friday, Buffett will convert 8674 Berkshire A-shares into 13.01 million B-shares in order to donate to five foundations. Based on the current stock price of Berkshire's B-class stocks, the donation amount will exceed $5.3 billion.
Two days ago, the official website of Berkshire Hathaway also released a letter from Buffett promising to donate Berkshire stocks. The donation amount mentioned in the 5 letters reached 12.05 million shares of Berkshire B-Class stocks (approximately $4.94 billion). The letter donated approximately 350000 shares each to three charitable organizations led by his children Howard, Susan, and Peter, and the latest statement nearly doubled the donations from these three charitable organizations. The amount donated to the Bill and Melinda Gates Foundation and the Susan Thompson Buffett Foundation is not significantly different from the latest statement.
(Letter from Buffett to various foundations. Source: Berkshire hathaway)
Buffett specified the specific donation method in the letter. Buffett promised to donate 10 million B-class stocks to the Bill and Melinda Gates Foundation; Donate 1 million B-class stocks to the Susan Thompson Buffett Foundation; Donate 350000 B-class stocks to the Howard G. Buffett Foundation, Susan A. Buffett Foundation, and Novo Foundation, respectively. Every July, 5% of the designated share balance will be directly donated to these charitable intermediaries.
Buffett said, "I believe Berkshire is an ideal asset to support the long-term well-being of foundations. The company has a diverse and strong source of profit, financial strength, and a deeply rooted culture of acting in the best interests of shareholders. Excellent managers can take over from me. I predict that as Berkshire makes new acquisitions and expands its existing business, it will become even stronger."
Although Buffett has donated over half of Berkshire's stock since 2006, he still holds about one seventh of the outstanding shares. Before his last donation, his net worth was $134.3 billion, and according to Forbes magazine, he is the eighth richest person in the world.
After donating on Friday, Buffett held 207963 Berkshire Hathaway A-shares and 2586 B-shares, worth approximately $130 billion.
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