Investor Warren Buffett renewed his Thanksgiving tradition of giving by handing out more than $1.1 billion of Berkshire Hathaway stock to four of his family's foundations Monday, and he offered new details about who will be handing out the rest of his fortune after his death.

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.

  • halfeatenpotato@lonestarlemmy.mooo.com
    2·
    1 month ago

    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.

    • LifeInMultipleChoice@lemmy.world
      2·
      1 month ago

      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