Source: Fortune
Summary
Warren Buffett, one of the world’s most successful investors and philanthropists, is rethinking how his fortune will be spent. With a net worth of around $144 billion, Buffett, 95, is handing over most of his remaining wealth to his three children’s charitable foundations. He has detailed a new round of gifts, including $750 million to his late wife’s organization and $250 million to each of his children’s organizations. Buffett plans to keep a “significant amount” of his Berkshire Hathaway stake until his chosen successor, Greg Abel, is fully settled in as the company’s leader.
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The numbers tell one story. Buffett’s plan to hand over his wealth to his children’s foundations accelerates his giving. He has already given over $60 billion, mostly to the Gates Foundation. The move raises questions about the future of The Giving Pledge, which Buffett co-founded with Bill Gates and Melinda French Gates in 2010. With Buffett signaling he’s “going quiet,” the philanthropic commitment’s future is uncertain.
