Warren Buffett Changes Will: Withdraws Support from Gates Foundation
Warren Buffett, the legendary 93-year-old investor, is once again in the headlines after revealing changes to his will. Buffett announced he will no longer continue his philanthropic contributions to the Bill and Melinda Gates Foundation. Instead, his estate will be directed to a new charitable trust managed by his three children.
New Beneficiaries of Buffett’s Wealth
Buffett stated that after his passing, the Gates Foundation will not receive any further funds from his estate. In a recent interview, he confirmed that his will has been revised multiple times, with the latest version designating his wealth to a newly established trust overseen by his children, each of whom already runs their own charitable organizations.
“I am proud of my children and confident that they will carry forward my legacy in the right way,”
Buffett remarked.
Buffett’s Philanthropic Journey
Previously, Buffett had pledged over 99% of his wealth to four family-related trusts and the Bill and Melinda Gates Foundation. According to the Bloomberg Billionaire Index, Buffett’s net worth stands at $129 billion, making him the 10th richest person in the world.
Shares Distribution
Buffett’s company, Berkshire Hathaway, disclosed that he is converting approximately 9,000 Class A shares into over 13 million Class B shares. Of these, 9.3 million shares will go to the Gates Foundation, while the remaining will be distributed among family trusts.
Over the last 18 years, Buffett has donated about $43 billion to the Gates Foundation.
Following the announcement of Melinda Gates’ separation from the foundation, Buffett donated an additional $87 billion to his family trusts last year. He retains 207,963 Class A and 2,586 Class B shares of Berkshire Hathaway, valued at approximately $128 billion.This significant shift in Buffett’s philanthropic strategy marks a new chapter in his legacy, ensuring that his wealth will be managed and distributed according to his revised wishes.
