Foreign Property News | Posted by Aye Myat Thu
Warren Buffett has laid out plans for Berkshire Hathaway and his fortune in the event of his death in a letter published on the global conglomerate’s website.
The legendary investor, dubbed “the Oracle of Omaha,” released the statement alongside news that he had donated millions of Berkshire Hathaway shares to four charitable trusts associated with his family.
Buffett, 93, converted 1,600 Class A shares into 2,400,000 Class B shares according to a regulatory filing seen by Fortune, submitted to the SEC on Nov. 21.
Of those shares, 1,500,000 were gifted to the Susan Thompson Buffett Foundation, and 300,000 shares were given to the Sherwood Foundation, the Howard G. Buffett Foundation, and NoVo Foundation, respectively.
According to calculations by news agency Reuters, this amounts to a total donation of $866 million in Berkshire Hathaway funds.
In the unexpected letter to Berkshire Hathaway shareholders, the man worth $121 billion according to the Bloomberg Billionaires Index began by reassuring readers: “I feel good but fully realize I am playing in extra innings.”
Buffett’s letters are usually limited to an annual message to shareholders.
Buffett is showing no signs of slowing, having spent a portion of the year traveling.
This spring he visited Japan and held intense meetings with the country’s top five trading houses: Itochu, Mitsubishi Corp., Mitsui & Co., Sumitomo Corp., and Marubeni.
Since then a stock rally has ensued across Japan.
Since 2006 Buffett has donated an estimated $52 billion to charitable causes, a large sum of which—$39 billion—has been donated to his friend Bill Gates’ charitable foundation.
He added that “99%-plus” of his wealth will be donated to his charitable trust, while confirming his three children—now between ages 65 and 70—are the executors of his current will.
Ref: Warren Buffett discusses will in rare letter, pledging to donate ‘99%-plus’ of fortune after gifting millions of Berkshire Hathaway shares (finance)
