12:54 PM
Sunday, June 30, 2024
Written by: Sherine Salah
Warren Buffett’s donations to the Bill & Melinda Gates Foundation will stop upon his death, with his daughter and two sons overseeing a new charitable fund, The Wall Street Journal reported Friday.
American billionaire Buffett is the tenth richest person in the world, with a net worth of $134.5 billion, according to the Bloomberg Billionaires Index.
“The Gates Foundation will not receive any money after my death,” the 93-year-old Berkshire Hathaway chairman and CEO told the newspaper in an interview.
He added that the three children – Susie, Howard and Peter – must decide unanimously how to allocate future donations.
These donations are used “to help people who are not as fortunate as us,” Buffett told Wall Street.
In 2010, Warren Buffett started The Giving Pledge with his friends Bill Gates and Melinda French Gates, saying he would give away his fortune either during his lifetime or upon his death. Four years ago, he began making large donations to the Gates Foundation, among others.
Previously, his will stipulated that more than 99% of his estate be dedicated to charitable use by the Bill & Melinda Gates Foundation and four charities associated with his family: the Susan Thompson Buffett Foundation, the Sherwood Foundation, the Howard G. Buffett Foundation, and the NoVo Foundation, CNN Arabic reported.
Last year alone, Buffett donated about $870 million to the four charities run by his family, and about $750 million preceded that in 2022, according to CNN Arabic.
Warren Buffett owns approximately $130 billion in Berkshire Hathaway shares, a company that works on long-term investments in stocks, and recently resorted to buying entire companies, and now owns a variety of companies including confectionery, railways, retail, and home furnishings. , and others.