Warren Buffett announced on Monday that he is donating more than $1.1 billion in Berkshire Hathaway stock to four of his family’s foundations. He is converting 1,600 Class A shares into 2,400,000 Class B shares to facilitate the donations. The Susan Thompson Buffett Foundation will receive 1,500,000 Class B shares, while The Sherwood Foundation, The Howard G.
Buffett Foundation, and the NoVo Foundation will each receive 300,000 shares. After this round of donations, Buffett will hold 206,363 Class A shares, a significant decrease from the levels pledged under his 2006 Giving Pledge. Buffett and his late wife Susie believed in leaving their children enough wealth to pursue their goals but not so much that they would become idle.
They encouraged their children to engage in philanthropic activities from a young age.
Buffett’s philanthropic contribution through shares
Acknowledging his age and the ages of his children, Buffett noted that “Father time always wins” and can be unfair, sometimes ending life at birth or waiting a century before paying a visit.
Buffett reiterated his stance against creating a family dynasty and expressed confidence in his children’s ability to continue his philanthropic legacy. He has designated three potential successor trustees who are well known to his children. Buffett advised all parents, regardless of wealth, to have their adult children read their will before signing it.
He emphasized the importance of children understanding the logic behind decisions and any responsibilities they would undertake after a parent’s death. Reflecting on his life’s success, Buffett expressed satisfaction with his choices, having balanced taking care of his family while passing on wealth to those in need. He has lived the way he wanted since his late 20s and has watched his children grow into good and productive citizens.