Buffett to Accelerate Gifts to Foundations with $1.35B Berkshire Stock
Buffett to Accelerate Gifts to Foundations with $1.35B Berkshire Stock
Warren Buffett will speed up lifetime gifts to his children's foundations, transferring about $1.35 billion in Berkshire Class B shares while backing his successor Greg Abel.
Warren Buffett has announced he will accelerate the pace of lifetime gifts to his three children's foundations, providing about 1.35 billion worth of Berkshire Hathaway Class B shares. The move is designed to increase the probability that the wealth will be put to use by the beneficiaries while Buffett is still alive, especially as his children are now aged 72, 70 and 67. He stressed that the gifts should be deployed before alternate trustees take over, and that he will retain a significant portion of Berkshire A shares until shareholders feel confident in his chosen successor, Greg Abel, Berkshire Hathaway Energy's CEO. Buffett added that his children are already behind Abel, and that Berkshire directors share that view.
Buffett also said he will step back from some public duties, noting he will be “quiet” and no longer write Berkshire’s annual report or speak extensively at the annual meeting, though he plans to continue sending a Thanksgiving message each year. The plan to funnel stock into the three foundations is intended to ensure a timely and effective transfer of wealth to charitable causes his family supports.
In his comments accompanying the move, Buffett underscored his ongoing commitment to philanthropy and to a smooth leadership transition, reiterating his confidence in Abel as his successor. He also touched on his personal outlook, hinting at reflections on life’s second half and sharing what he considers his best advice for living well, a theme he has repeated in Thanksgiving letters over the years.
Cover image source: Warren Buffett Says He Will ‘Step Up’ Pace Of Fortune Disbursements To His Children’s Foundations 🔗
