Warren Buffett, renowned as one of history’s most successful investors and currently the fifth wealthiest individual globally, has revealed his plans for Berkshire Hathaway and his wealth after his passing. In a letter available on the multinational corporation’s website, the influential investor declared that he had donated millions of shares in Berkshire Hathaway to four charitable trusts associated with his family.
In a shareholder letter dated November 21, Buffett articulated, “The donations listed above replicate those made during Thanksgiving last year. They complement certain lifetime commitments I made in 2006, which persist until my demise (at 93, I feel good but recognize I am in extra innings).”
He explicitly stated that his three children, presently aged between 65 and 70, are the executors of his existing will and revealed that “99%-plus” of his fortune will be directed to his charitable trust.
Buffett affirmed, “My children, in agreement with their father, share the belief that dynastic wealth, though legally accepted and prevalent worldwide, is not favorable. We also acknowledge that possessing wealth does not necessarily equate to wisdom or malevolence. Furthermore, we concur that capitalism, despite its imperfections, including the uneven distribution of wealth and political influence it sometimes arbitrarily provides to its citizens, has generated remarkable outcomes and continues to do so.”
Buffett, aged 93, converted 1,600 Class A shares into 2,400,000 Class B shares according to a regulatory filing. These shares were distributed among the Howard G. Buffett Foundation, the Sherwood Foundation, and the NoVo Foundation, each receiving 300,000 shares, while the Susan Thompson Buffett Foundation obtained 1,500,000 shares.
Buffett disclosed details about how his wealth will be administered, emphasizing that his three children must collaborate on decision-making.
As Berkshire Hathaway has expanded to market capitalization exceeding $780 billion, employing over 380,000 individuals, Buffett believes the company will flourish in his absence despite inevitable mistakes.