Since Warren Buffett stepped down from the helm of Berkshire Hathaway, the 95-year-old billionaire has multiplied in another way for a lifetime: Giving away most of his wealth. Buffett announced in a letter of thanks to shareholders yesterday (NOV. 10) that he will increase the “pace” of his charitable contributions going forward. That includes $1.3 billion worth of Class B Berkshire shares in four conglomerates run by his family.
Specifically, the Susan Thompson Buffett Foundation, named after his soon-to-be first wife, will receive 1.5 million shares. The Sherwood Foundation, the Howard G. Buffett Foundation and the Novo Foundation-Runy-Runy By Buffett’s children Susie, Howard and Peter, respectively, will receive 400,000 shares.
Last year, Buffett used his thank you letter to explain his Philanthropic program. When he passes away, his remaining fortune – estimated at $ 147 billion – will be transferred to the hope of overfeeding his children. They will have ten years to distribute the money, and if it is possible for them to be unable to work, pre-selected buyers can step in.
To help ensure his children, now in their 60s and 70s, can face that tofleline, Buffett is accelerating the pace of donations to their foundations. “It would be a mistake to rush that all three – now their peak in many ways – will enjoy a great fortune in delayed aging,” said Buffett, who has already given away more than $60 billion in the past two decades.
At the beginning of the year, Buffett’s shares rose when he revealed that he will retire as the head of Berkshire Hathaway at the end of 2025.
Buffett, who remains Berkshire’s largest shareholder, said he plans to keep a “significant amount” of stock options until shareholders are comfortable with Abela’s leadership. “That level of confidence shouldn’t last long,” said Buffett, who notes that his children and Berkshire’s directors are “already 100 percent behind Greg.”
Abela’s conversion to him means that Buffett, happy with his Houspun wisdom at the annual meetings of the stock and Berkshire, will no longer be the public face of the company. Billineare said he would remain silent, “although he intends to continue writing an annual message of thanks.”
Despite his age, Buffett assured shareholders that he “generally” feels good and still goes into the office five days a week. But even the Oracle of Omaha admits that time catches up with everyone. “When balance, hearing and memory are all on an upward slope, you know where father time is,” Buffett said. “I was slow to have it in the past – its progression varies – but when it appears, it should not be rejected.”
Such quips are typical of Buffett, whose attitude to most people in investing and living is with good old stocks. Billiards is still alive with the same Omaha, Neb
Buffett closed his thank-you note with a demonstration of what “greatness” means, writing that it doesn’t come from money or power, but from grace. “I wish everyone reading this the best of luck,” Buffett said. “Yes, even sweaters; it’s not too late to change.”
