Warren Buffett the CEO of Berkshire Hathaway company has announced to donate more than 99% of his wealth which is one of his lifetime pledges. The 99% of his wealth equals $118 billion ( 10 lakh crores) as of now. These numbers could be increased more in the future which are in the form of shares of the company. Along with this, he is also donating a monetary fund to millions every year of foundations associated with his children and Bill Gates. Take a few seconds to know how the donation is going to take place.
Warren Buffett Pledge For Donation:
The total wealth would go to philanthropic causes through foundations. The philanthropy cause can be referred to as charitable acts or good works that help the individuals in the society and the one who donates monetary funds for the social cause can be called a philanthropist.
Warren Buffett pledged to donate his wealth in 2006 with his friends Bill Gates and Melinda French Gates. The pledge is to donate his total wealth by his lifetime or by his demise. As of now, he stated that his three children aged between 65 and 70 are the executors of donations of the present will who also named as trustees of the charitable trust. The 99% of wealth donation is going to happen at once after the demise of Warren Buffett as he stated in the plans of his will.
2.4 Million Worth Of Shares:
For this academic year, donations of the shares have been divided into categories which are again subdivided further for donation. According to the will, the class A shares of 1,600 have been divided into 2,400,000 million of class B shares which will be further divided into 300,000 million and 1,500,000 million shares for four family foundation trusts. Howard.G.Buffet Foundation, Sherwood Foundation, and Novo Foundation have received 300,000 million shares each while Susan Thompson Buffett Foundation alone received 1,500,000 million shares for donation. The same number of shares were donated last year through similar foundations.
Foundation list with the number of shares they are receiving:
1. Howard G. Buffett Foundation:
Shares Receiving: 300,000 million
Shares Receiving: 300,000 million
3. Novo Foundation:
Shares Receiving: 300,000 million
4. Susan Thompson Buffett Foundation:
Shares Receiving: 1,500,000 million
Warren Buffett Rules For Donation:
Since the trustees of foundations are the children of Warren Buffett he has instructed the present donations can be possible only after his three children act unanimously as there is a nature of mortality and successors must always be designated which might get control over the donations anytime. Warren Buffett aged 93 years had designed the plans of the company as well as the wealth upon his demise in a will. He has stated the belief in dynastic wealth and capitalism his children were not ready for donations back in 2006 but have agreed unanimously for donations now.
Conclusion:
Warren Buffett is also a successful investor and currently stands in 5th position on the list of the world’s richest men. If he had not donated the wealth then he would have secured the top 3 position in the list of the world’s richest men. After the demise of Warren Buffett, the wealth will be directly open to the public without any foundations or trusts with only a will available at the Douglas County courthouse for inspection. Many people in the USA are going to benefit from this richest donation and would be remarkable in the history of donations.
FACT: ELON MUSK is in 1st position in the list of richest persons as of 30th November 2023 with a net worth of $253.2 billion while Warren Buffett stands at 6th position after the donation of$2.4 billion shares this year with a net worth of $115.1 billion.
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