Warren Buffett rarely spoke out about his will

Finance Associated Press

2024-06-28 22:24The official account of Cailianshe under Shanghai Poster Industry Group

The full text is 1433 words, and it takes about 5 minutes to read, so help me highlight the key points

Highlight the point

Warren Buffett, a well-known American investor at the age of 0193, talked about his death in an exclusive interview, saying that all the remaining wealth after his death will be donated to a newly established charitable trust.

02 Buffett revealed that in the latest arrangement, his daughter Susan Buffett, two sons Howard Buffett and Peter Buffett jointly oversee the foundation.

03 He said he did not set specific instructions for his three children, but shared his views on charity - the money should be used to help those who are "not as lucky as us".

04 In addition, Warren Buffett made it clear: "After I die, I will not have any money to go to the Gates Foundation".

05 Warren Buffett will convert his 8,674 Class A shares into Class B shares for a new round of donations, and the Gates Foundation will receive $4 billion worth of Class B shares.

Technical support is provided by Tencent Hybrid Model

Finance Associated Press, June 28 (Editor Shi Zhengcheng) On Friday morning, local time, the American media published an interview with Warren Buffett, a well-known American investor and 93-year-old "Omaha stock god", but the theme was that the "stock god" talked about his posthumous affairs.

Investors who follow Warren Buffett should have a general understanding that as he gets older, the number of times he speaks out in public can be described as "rare". Throughout the year, except for insisting on answering questions at the May shareholders' meeting, the rest of the year was almost silent.

Amendment of Will

Warren Buffett has publicly pledged to "donate 99% of his personal wealth to charity during his lifetime or at the time of his death", and he continues to live up to this promise. Since 2006, Buffett has donated half of his stake in Berkshire, mainly to the Gates Foundation, as well as four foundations associated with the Buffett family.

And in Friday's report, Buffett revealed the latest estate arrangement. The "stock god" said that he has revised his will several times, and after seeing the children become more mature, he has made his current plans.

Buffett revealed that in the latest arrangement, all remaining wealth after his death will be donated to a newly established charitable trust, which is overseen by his daughter Susan Buffett and two sons, Howard Buffett and Peter Buffett. The three of them must unanimously decide what to do with the money in this foundation.

He also said he did not have specific instructions for his three children, but shared his views on charity — that the money should be used to help "people who are not as lucky as we are." "There are 8 billion people in the world, and me and my children, we belong to one of the luckiest 1%," he said. There are many ways to help people. ”

After his death, he will stop donating money to the Gates Foundation

According to the arrangement that began in 2006, Buffett originally planned to gradually donate his wealth to five foundations, donating 5% of the remaining equity every year.

Most of them will go to the Bill and Melinda Gates Foundation founded by his old friend Gates and ex-wife Melinda, and the remaining four foundations are related to his family: the Susan Thompson Buffett Foundation, named after his late wife, and Susan Bush, which is managed by his daughter. The A. Buffett Foundation, managed by his eldest son, Howard, is a member of the Howard Diet. The G. Buffett Foundation and the Novo Foundation, managed by their youngest son, Peter and his wife.

Warren Buffett also said that donations to these 5 foundations will only continue while he is alive.

It is worth mentioning that in May 2021, Bill Gates and Melinda officially announced their divorce, and in order to take care of the face of their old friends, the two delayed until the end of the Berkshire shareholders' meeting in early May. Just two months later, Warren Buffett announced his resignation as a trustee of the Gates Foundation. It is reported that Melinda also announced her resignation from the foundation earlier this year and cut off the ties earlier this month.

In the latest interview, Warren Buffett made it clear: "When I die, I will not have any money to go to the Gates Foundation."

According to the Gates Foundation, between 2006 and 2023, Buffett donated $39.3 billion to the foundation, and this number is growing.

Berkshire said on Friday that Warren Buffett would convert his 8,674 Class A shares into Class B shares for a new round of donations. 1 Berkshire Class A share can be converted into 1,500 Class B shares, and Class A shares also have more power in voting. In this round of giving, the Gates Foundation will receive $4 billion worth of Class B shares, the Susan Thompson Buffett Foundation will receive $400 million worth of shares, and the three children's foundations will each receive $280 million worth of shares.

The three children spoke out together

It should be noted that considering that Buffett himself is 93 years old, his three children are now 6 and 70 years old.

The eldest sister, Susan, 71, is the president of the Susan Thompson Buffett Foundation, which funds reproductive rights and college scholarships, in addition to the foundation that runs her own name.

The eldest brother, Howard Buffett, is 69 years old and works in agriculture. So his Howard The G. Buffett Foundation is committed to food security while taking into account the goals of conflict mitigation and combating human trafficking. Both Howard and Susan are members of Berkshire's board of directors.

The younger brother, Peter Buffett, is 66 years old and a musician. He and his wife, Jennifer Buffett, co-lead the Novo Foundation, which grants projects that include partnerships with Indigenous communities.

Buffett stressed that he is very happy with the values of his three children and has 100% confidence in how they handle things.

Also facing the interview were three Buffett heirs.

"We haven't discussed what we're going to do because it seems a bit premature," Susan said. I can imagine that it could be a continuation of what we've been doing. ”

Howard, for his part, stressed that the three of them could face a considerable workload. Peter responded that their final decision could be influenced by various factors such as stock prices, tax laws, social and political developments, etc.