Buffett Explains Why His Kids, Not The Gates Foundation, Will Now Give Away All His Fortune
Buffett said his children are ready to oversee the giving, and annual donations will rise to more than $17 billion to meet the 2034 deadline.
- On Tuesday, billionaire Warren Buffett announced plans to donate his remaining $140 billion in Berkshire Hathaway stock to family foundations by 2034, with his three children, Howard, Susie, and Peter, overseeing distribution.
- Buffett explained on Wednesday that he believes his children are prepared to manage his fortune, prompting his decision to end donations to the Bill Gates-founded Gates Foundation.
- The plan requires increasing annual charitable contributions to more than $17 billion to distribute more than 99% of his net worth, a drastic acceleration from previous giving rates.
- Greg Abel, Buffett's successor at Berkshire Hathaway, will lose the support of Buffett's family as the company's largest shareholder for as long as previously anticipated due to the accelerated timeline.
- In a CNBC interview, Buffett addressed Gates' past association with Jeffrey Epstein, calling it "distasteful," and revealed he recently underwent surgery after breaking his leg but is recovering well.
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Even before he was wealthy, Warren Buffett planned to give away all his money—now he doesn't check on his children's charities to see how they use it
"I tell the three children that it is theirs and it's their responsibility to get it done well," Buffett said.
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Buffett Explains Why His Kids, Not The Gates Foundation, Will Now Give Away All His Fortune
OMAHA, Neb. — Billionaire Warren Buffett said Wednesday that his decision to cut the Gates Foundation out of his charitable giving is more about believing his three kids are ready to handle giving away his entire fortune than it is…
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