Warren Buffett announced a big change in his plans to give money to charity. He said that after he dies, he will stop giving money to The Gates Foundation. Buffett and Bill Gates have been friends for over 30 years.
Gates was even on the board of Buffett’s company, Berkshire Hathaway, from 2004 to 2020. So far, Buffett has given over $43 billion to Gates’ foundation, which he started with his ex-wife Melinda. In an interview, Buffett said, “The Gates Foundation has no money coming after my death.” He didn’t say exactly why he’s making this change.
But he said his goals are the same as those of the foundation. He also said he doesn’t need to be physically involved anymore. Buffett said his three children will be responsible for his money after he’s gone.
Buffett’s new charity directive
“I feel very, very good about the values of my three children, and I have 100 percent trust in how they will carry things out,” he said. In November, Buffett talked about his plan for his money when he dies.
He said his children would be the executors and that they had learned how to handle this responsibility over the last 18 years. Buffett said it’s essential to be able to change with the times. He said, “Laws in respect to philanthropy will change from time to time, and wise trustees above ground are preferable to any strictures written by someone long gone.” This shows a big lesson in leadership that Buffett believes in.
He thinks it’s important to develop future leaders and trust them to make decisions without too many strict rules. In the end, Buffett’s primary goal is to ensure that more than 99 percent of his money goes to charity. This shows the importance of good successors who can handle challenges and changes after he’s gone.
It’s a reminder to all leaders to support and trust the next generation so they can succeed.
