New Delhi:
American billionaire and investor Warren Buffett has decided to donate Berkshire Hathaway’s stock worth more than US $ 1.15 billion to 4 family foundations. Along with this, he has also shared his property distribution plan. According to the information given to investors, 94-year-old Buffett has converted 1600 Berkshire Hathaway Class A shares into 2.4 million Class B shares. Donated 1.5 million shares to the Susan Thompson Buffett Foundation, started in the name of his first wife. Whereas, The Sherwood Foundation, The Howard G. Buffett Foundation and Novo Foundation received 300,000 shares. The total cost is around $1.2 billion. A large part of his property will also go in the name of his children. That means the three children will be the heirs.
After this donation, Warren Buffet’s stake in Berkshire Hathaway Class A shares has reduced by 56.6%. In 2004, Buffett and his first wife Susie owned 508,998 Class A shares. After Susan’s death, 96% of her wealth was donated to her foundation. Whereas each of the three children received $10 million as a share of the property.
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Expressed trust in children regarding property
Since 2006, Buffett had decided to donate his property. He has said that the remaining property will be donated after his death. Warren Buffett said that he trusts his children for the management and distribution of his property. However, due to his advancing age, he has appointed three successor trustees for property distribution after his death. Buffett also said that future decisions would require the consent of his children, to ensure that the philanthropy’s work would not be influenced by outside pressures.
we taught the children a good lesson
Buffett wrote in his letter, “Susan and I have long inspired our children to do small humanitarian work. We were pleased with their enthusiasm, hard work and the results. After my wife’s death, I started investing in Berkshire shares. Was not prepared to handle the earnings from.
At the age of 11, he bought 3 shares with his sister and earned 5 dollars.
Warren Buffet was born on August 30, 1930 in Omaha city of America. Father Howard Buffett was a stock broker. Later he also became an MP. Warren Buffet has married twice. His first wife’s name was Susan. Both of them started living separately since 1970. Susan died in 2004. Then Warren Buffet married Astrid Menks in 2006. Warren Buffet has 3 children. Susie, Howard and Peter.
Warren Buffett says, “These bequests reflect our trust. Very wealthy parents should leave enough wealth for their children to do well with their lives, but not so much that they can do nothing at all.” .”
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