At the age of 94, stock god Warren Buffett has appointed 3 successor trustees to take over the distribution of his wealth after his children's death. He announced that he will donate approximately $1.14 billion worth of Berkshire Hathaway Company stocks to 4 family foundations, as part of his charitable commitment made nearly 20 years ago.

Bloomberg reported that Buffett's Berkshire Hathaway Company announced on Monday, November 25th, that Buffett will convert 1600 shares of Class A stock into 2.4 million shares of Class B stock. He will then donate 1.5 million shares to the Susan Thompson Buffett Foundation named after his late wife, and donate 0.3 million shares to his children's foundations, namely the Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation.

(Source: Bloomberg)

Looking back at 2010, Buffett, along with his friends Bill Gates and Melinda French Gates, initiated the "Giving Pledge," stating that he would donate his wealth during his lifetime or after his death.

Four years ago, he began making significant donations to the Gates Foundation and foundations related to his children.

In June 2024, Buffett announced that the Bill and Melinda Gates Foundation will no longer accept donations after his death, and a new charitable trust fund will be managed by his daughter and two sons. At that time, he pledged to donate 13 million shares of Berkshire Class B stock to 4 family foundations and the Gates Foundation.

At that time, he pledged to donate 13 million shares of Berkshire B Class stock to 4 family foundations and the Gates Foundation.

In a letter to shareholders on Monday, Buffett stated: 'Susie and I have long encouraged our children to participate in small charity activities, and we are pleased with their enthusiasm, diligence, and results.'

He went on to write, 'However, when she died, they were not yet prepared to handle the amazing wealth created by Berkshire stocks. Nevertheless, their charitable activities increased significantly due to my subsequent lifelong commitment made in 2006, and later expanded.'

Buffett also stated that he has appointed three successor trustees to take over the distribution of his wealth after his children's death. The billionaire did not disclose the names of these successors, but mentioned that these successors 'are known to his children' and 'are younger than his children.'

'The vast wealth I have accumulated may take longer to use than for my children to live, the decision may be better made by three active and methodical minds rather than by a dead person,' Buffett said. 'But these successors are still on the waiting list.'

In the letter, Buffett stated that the latest donation reduced his holding of Berkshire Class A shares to 206,363 shares, a decrease of nearly 57% since the commitment made in 2006.

According to the Bloomberg Billionaires Index, his net assets are $150.2 billion, making him the 7th richest person globally.