Warren Buffett or the Oracle of Omaha as he known will be donating a mammoth USD 1.1 billion to 4 of his family foundations. This colossal amount would be equivalent to Rs 9,291 crore, as per current exchange rates.
One of the richest men on the planet and the head of holding company, Berkshire Hathaway, in a letter to his company shareholders, gave a detailed account of the plans for distributing his colossal wealth after his death.
The Four Foundations
The 4 foundations mentioned before include
The Susan Thompson Buffett Foundation, which will receive the highest number of shares, with a total of 1,500,000 shares earmarked for it. The other 3 foundations will receive an equal amount. The NoVo Foundation, The Sherwood Foundation and The Howard G. Buffett Foundation will also get 300,000 shares each.
In the letter, Buffett said, "The gifts I am making today reduce my holdings of Berkshire Hathaway Class A shares to 206,363, a 56.6 per cent decrease since my 2006 pledge. In 2004, before Susie, my first wife, died, the two of us owned 508,998 Class A shares. For decades, we had both thought that she would outlive me and subsequently distribute the vast majority of our large fortune. That was not to be."
Distribution of Wealth
He further added, "The children have now more than justified our hopes and, upon my death, will have full responsibility for gradually distributing all of my Berkshire holdings. These now account for 99 per cent of my wealth."
Warren Buffett has three children, namely Howard, Susie and Peter Buffett. Buffett added, "I hope Susie, Howie and Peter themselves disburse all of my assets."
He concluded the letter by adding, "Susie Jr., Howie and Peter have each spent far more time directly helping others than I have. They enjoy being comfortable financially, but they are not preoccupied with wealth. Their mother, from whom they learned these values, would be very proud of them."
Berkshire Hathaway Stocks Recent Performance
Warren Buffett currently has a net worth of USD 149.4 billion, making him the 6th richest person, as per Forbes.
His company, that is listed on the New York Stock Exchange has gained significantly in the pats 5 trading sessions. The shares of Berkshire Hathaway Inc (Class B) shares rose by 1.90 per cent or USD 8.91, taking the overall value of the company shares to USD 478.56 per share.