Stock god Buffett has rarely changed the way he handles his huge wealth after his death. He revised his will again and said he doesn't plan to donate more to the Bill and Melinda Gates Foundation after his death. He said he will put his wealth into a new charitable trust fund and his three children will be responsible for managing it.
Buffett told The Wall Street Journal: "After I die, the Gates Foundation will have no money."
(Source:CNN)
He pointed out that he has revised his will multiple times, and the reason for making the latest plan is because he believes in his children's values and how they will distribute his wealth. Each of Buffett's children has their own charitable organization.
"I am very satisfied with the values of my three children and I am 100% confident that they will achieve their goals," he continued.
Previously, Buffett had mentioned that in his will, he would use more than 99% of his estate for charitable purposes, donating to the Bill and Melinda Gates Foundation, as well as four charitable organizations related to his family, including the Susan Thompson Buffett Foundation, the Sherwood Foundation, the Howard G. Buffett Foundation, and the NoVo Foundation.
"I like to think I can jump out of the inherent frame of mind, but I'm not sure if I can jump out of the inherent frame of mind when it's six feet underwater, and three people who I trust completely do better on the surface," he said.
However, Buffett seems to plan to continue donating to the Gates Foundation during his lifetime.
Berkshire Hathaway, led by Buffett, said on Friday (June 28) that Buffett would convert about 9,000 Class A shares into more than 13 million Class B shares. Of the total shares, about 9.3 million will be donated to the Bill and Melinda Gates Foundation Trust Fund, with the remaining shares going to four charitable organizations of the Buffett family.
"Buffett has been very generous for the past 18 years and provided a lot of advice to the Gates Foundation," said Mark Suzman, CEO of the Gates Foundation, in a statement to CNN.
"We are very grateful for Buffett's recent gift and donation of about $43 billion to support our work."
Melinda announced in May that she would leave the organization and her last day was June 7, but the Bill and Melinda Gates Foundation has not been renamed.
Last year, Buffett donated about $870 million to the four charitable organizations of his family business and will donate about $750 million in 2022.
Berkshire Hathaway said that after the newly announced donation, Buffett holds 207,963 Class A shares and 2,586 Class B shares of the company, worth about $128 billion.
According to the Bloomberg Billionaire Index, Buffett is the world's 10th richest person, second only to Elon Musk, Jeff Bezos, Bill Gates and others. His net worth is estimated at $135 billion.
He became a millionaire in his 30s and a billionaire in his 50s. He's now almost 94 years old and has unique views on wealth and success, including living a simple, frugal life.
"When you get to my age, you don't measure how well you're doing by how much money you have, I can assure you," he said in a speech to Georgia Tech students. "Money isn't the biggest problem."
Buffett currently seems to plan to continue donating to the Gates Foundation during his lifetime.