Warren Buffett announced Monday that he has identified three people to potentially succeed his children in donating his $150 billion fortune. The 94-year-old billionaire investor also revealed a donation of over $1 billion in Berkshire Hathaway stock to four Buffett family foundations. Buffett stated in a letter to shareholders that he had given his children “full responsibility for gradually distributing all of my Berkshire holdings.” However, recognizing the difficulty of this task, especially given the ages of his children—66, 69, and 71—Buffett has designated three potential successor trustees.
He refrained from naming these successors but indicated they are “somewhat younger” than his children and “well known” by them. The distribution of Berkshire stock includes 1,600 Class A shares and 2.4 million Class B shares, valued at more than $1.14 billion as of the previous Friday’s close. The Susan Thompson Buffett Foundation, named for Buffett’s first wife, will receive 1.5 million shares.
The foundations of his three children will each receive 300,000 shares. Buffett’s philanthropic strategy has evolved over the years.
Buffett’s succession plan announcement
In 2006, he pledged to give away 85% of his Berkshire stock, most of which was intended for the Bill & Melinda Gates Foundation, with the remainder divided among the Buffett family’s four foundations. In 2010, when he co-founded the Giving Pledge with Bill and Melinda Gates, he increased his commitment to 99% of his wealth. Earlier this year, Buffett revised the recipients of his pledge, deciding to no longer donate to the Gates Foundation.
Instead, he plans to entrust his entire fortune to his children, a decision made easier after observing their development in managing large-scale philanthropy over the years. Since 2006, Buffett has given away more than half of his Berkshire shares. Despite these donations, the company’s stock price has surged, boosting Buffett’s fortune to an estimated $150 billion.
The Berkshire stake designated for his children represents 99.5% of his total wealth. The legendary investor remains committed to his philanthropic principles, ensuring that his wealth will support charitable causes for years to come. Buffett has pledged to donate 99% of his wealth to charitable causes within his lifetime or shortly after his death.
