Summary
Warren Buffett gave $1.1 billion in Berkshire Hathaway stock to family foundations and detailed plans for distributing his $147 billion fortune after his death.
His three children will oversee giving the remainder within 10 years, with designated successors in case they predecease him.
Buffett, 94, reaffirmed his belief in avoiding dynastic wealth, favoring philanthropy instead.
Over the years, he has donated $55 billion to the Gates Foundation but plans to shift focus to his family’s foundations.
Buffett continues leading Berkshire Hathaway while preparing Greg Abel as his successor.
With that logic he should give it to Jeff Bezos so he can keep growing it after he’s gone.
As long as the promise is on the horizon and they don’t ever pay up then poor idiots will keep making excuses for them to not dump their ill gotten gains back into the system they stole it from!
It’s the same promise gates has made for decades. I am going to donate all of it. And he has donated billions, but taxes are low enough on the rich, and loop holes are big enough that even while they give away money, they still make shit tons more.
Example, Gates left Microsoft in 2008 and just runs his charity, where he has given away billions, like almost 6 billion in 2022 alone. His net worth was 58 billion in 2008, it is now around 107 billion.
He has almost doubled his net worth, while donating more money than anyone can ever spend, annually.
You’re completely neglecting the fact that he still has Microsoft stock… plus, he’s certainly holding stock in other companies. It’s disingenuous to say that his increase in net worth between 2008 and 2024 is solely due to the money he’s donated.
For what it’s worth, I’m not pro Bill Gates or billionaires - I just feel like it’s important to speak factually when trying to address an issue.
No it’s the stocks and investments that make the money. Just as I was saying above. The 150b they are in charge of giving away over 10 years stands to make money back for them.
75b 10% interest over 10 years - 194b. The 10 year average of the stock market was actually 11% growth annually though… so a little over 200b is what they may make donating his 150b.
That’s why it’s a 10 year span to give it away is what I was getting at. They could hold it and make a shit ton more, but in reality this way they look like good people for giving it “all” away, get tax breaks and make money
Sorry, I misunderstood your previous comment. Thanks for the clarification. I agree that these charitable donations from billionaires are basically just positive PR stunts because there’s essentially no tangible cost to them.
Yarp. Talked elsewhere about it somewhere the other day.
If Musk does nothing but leave his money right now invested. His 380b would be over 1T in that same 10 year time period.
Given his age, he’s got about 35 years of life left, that would be around 14.6T if it grows at the same 11% annual rate.
So when he dies his money would be making about 4 billion dollars a day. (It would break out entire economy)
Just for giggles, that’s over $46,000 a second