Billionaire investor and chairman and CEO of multinational conglomerate holding company Berkshire Hathaway Warren Buffett just gave away more than $1.1 billion of the company's stock to four of his family's foundations last week and after that, he said he would donate at least $147 billion of his fortune when he dies.
Buffett has said previously that his three kids will distribute his remaining fortune in the 10 years after his death to charities and NGOs. However, he has also designated successors for them because it's possible that Buffett's children could die before giving it all away.
The 94-year-old businessman didn't identify the successors but said his kids all know them and agree they would be good choices.
"Father time always wins. But he can be fickle – indeed unfair and even cruel – sometimes ending life at birth or soon thereafter while, at other times, waiting a century or so before paying a visit," Buffett said in a letter to his fellow shareholders. "To date, I've been very lucky, but, before long, he will get around to me. There is, however, a downside to my good fortune in avoiding his notice. The expected life span of my children has materially diminished since the 2006 pledge. They are now 71, 69 and 66."
Buffett claimed he still has no interest in creating "dynastic wealth in his family." He has long said he believes "hugely wealthy parents should leave their children enough so they can do anything but not enough that they can do nothing."
Buffett’s family giving began in earnest with the distribution of Susan Buffett's $3 billion estate after she died in 2004, but took off when Warren announced plans in 2006 to make annual gifts to the foundations run by his kids along with the one he and his wife started. He also regularly contributed to the Bill & Melinda Gates Foundation.
To date, his donation has favored the Gates Foundation with $55 billion in stock because his friend Bill Gates already had his foundation set up. He also reasoned that Gates could already handle huge gifts when Buffett started giving away his money.
The Gates Foundation has been revealed to have engaged in researching how to manipulate people into taking future Wuhan coronavirus (COVID-19) vaccines. It has also been funding a Clinton Health Access Initiative aimed at making developing countries reliant on Chinese-made medical products.
But since the Buffett children are already "well-versed" in "philanthropy," he plans to cut off his Gates Foundation donations after his death.
Meanwhile, Buffett is pro-abortion. Tax records released in 2016 also revealed that he donated millions to pro-abortion groups like Planned Parenthood, enough to pay for the killing of 3.6 million unborn babies. (Related: REVEALED: How Soros, Buffett and other billionaires benefit from abortion drug.)
The falling out of Gates-Buffett "friendship"
Back in August, news about growing tensions between Gates and Buffett arose.
According to reports, the two billionaires had some disagreements lately and among the the biggest ones are different lifestyles and views on money.
Buffett is said to live a simple life in the same Omaha house he bought decades ago. Meanwhile, Gates prefers a more extravagant lifestyle with multiple houses, private jets and an expensive art collection.
The New York Times also reported that Buffett has been frustrated with how the Gates Foundation is managed. He criticized the foundation for being too bureaucratic and having high costs.
Last year, Buffett decided that after he passed away, his remaining fortune of over $100 billion would no longer go to the Gates Foundation and though he would continue his donations to Gates' foundation, it will be cut after he dies.
Buffett's contributions gave the Gates Foundation the resources to tackle big global issues like health care, education, and poverty. The two also launched the Giving Pledge in 2010, encouraging other billionaires to donate at least half their wealth to good causes. But now the foundation can no longer rely on Buffett's contributions.
However, both Gates and Buffett insist that they are still good friends. But observers see signs of tension. Gates hasn't mentioned Buffett much on his blog recently and Buffett has reportedly reduced his interactions due to his age.
Even with these issues, Gates and Buffett still talk about each other in a positive light. Gates appreciates how much Buffett has contributed to their charitable projects and Buffett often talks fondly about the good times and laughter they've shared over the years, according to reports.
Gates and Buffett's friendship began in 1991, when Gates's mother, Mary Gates, invited him to spend the Fourth of July at their family retreat, Hood Canal, near Seattle. Once the two sat down, they connected instantly, spending 11 hours discussing everything from business to philanthropy. This led to their 30 years of friendship that only recently began to show signs of stress.
Visit LeftCult.com to read more stories about liberals and left-wingers like Gates and Buffett.
Sources for this article include:
Please contact us for more information.