The world’s eighth richest person made his announcement just weeks after Bill and Melinda Gates announced their pending divorce.
What We Know:
- The Gates paid their respects to Warren Buffett in a written statement. Melinda expressed her gratitude for his generosity and leadership and added that his teachings will help the foundation move forward. In addition, Bill wrote that Buffett will continue inspiring the foundation while they help millions live healthier lives.
- The 90-year-old tycoon declared in a statement that he has been an “inactive” trustee of the Bill and Melinda Gates Foundation for years. Because of this, he made the decision to step down from his position. He also mentioned he did the same with the other corporate boards he participated in, except for that of his own Berkshire Hathaway.
- Buffett revealed the news during his annual distribution on Wednesday. Alongside this, he proclaimed he reached the halfway mark in sharing all of his Berkshire Hathaway stock, which comprises 99% of his wealth, to charity. Doing so lowered his stake to 238,624 shares, worth $100 billion. This is part of his 2006 goal to give all his Berkshire assets to charity.
- He gave $4.1 billion worth of Berkshire stock to these five foundations: the Bill & Melinda Gates Foundation, Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation.
- Additionally, Buffet said that he accumulated “an almost incomprehensible sum” from his passion. However, society needs his wealth, not him. Furthermore, he mentioned that Congress should periodically revisit tax policies for donations in respect to donors who get “imaginative;” Buffett seemed to be referencing a ProPublica report that revealed the richest 25 people in the U.S. hold a “true tax rate” of nothing. Although ProPublica added Buffett to that list, he still believes Congress should constantly check those policies.
The Bloomberg Billionaires Index reported on Tuesday that Buffett possesses a net worth of $105 billion.
