Warren Buffett gives away another $1.1B and plans for distributing his $147B fortune after his death
Warren Buffett gives away another $1.1B and plans for distributing his $147B fortune after his death
Investor Warren Buffett renewed his Thanksgiving tradition of giving by handing out more than $1.1 billion of Berkshire Hathaway stock to four of his family's foundations Monday, and he offered new details about who will be handing out the rest of his fortune after his death.
Summary
Warren Buffett gave $1.1 billion in Berkshire Hathaway stock to family foundations and detailed plans for distributing his $147 billion fortune after his death.
His three children will oversee giving the remainder within 10 years, with designated successors in case they predecease him.
Buffett, 94, reaffirmed his belief in avoiding dynastic wealth, favoring philanthropy instead.
Over the years, he has donated $55 billion to the Gates Foundation but plans to shift focus to his family’s foundations.
Buffett continues leading Berkshire Hathaway while preparing Greg Abel as his successor.
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Why wait? There is functionally no difference between $1b and $147b. He would get to see the fruits of his efforts if he spends it now.
I have no idea how money works at large scale, so I guess I have a question for anybody who knows
Could that much money being distributed cause problems with the "economy"? My naive understanding is that the "economy" is (more or less) money moving around. Could hoarded wealth entering circulation cause any kind of problems?
I know my question is already sort of flawed since hoarded wealth isn't exactly sitting still, but I don't know if that makes a difference
Because if it takes 10 years to donate that much and the market stays at its 10 year average growth they stand to have something like 190b dollars left when they are done donating that 149b.
I'm pretty sure his foundations and the Gates stuff both are specifically designed to be left with zero money at the end.
With that logic he should give it to Jeff Bezos so he can keep growing it after he's gone.
As long as the promise is on the horizon and they don't ever pay up then poor idiots will keep making excuses for them to not dump their ill gotten gains back into the system they stole it from!
It's the same promise gates has made for decades. I am going to donate all of it. And he has donated billions, but taxes are low enough on the rich, and loop holes are big enough that even while they give away money, they still make shit tons more.
Example, Gates left Microsoft in 2008 and just runs his charity, where he has given away billions, like almost 6 billion in 2022 alone. His net worth was 58 billion in 2008, it is now around 107 billion.
He has almost doubled his net worth, while donating more money than anyone can ever spend, annually.
I feel like you are inventing the concept of an endowment from first principles.
What do you mean?
Because his true passion in life is turning money into more money. This is what he does, he doesn't buy yachts, or sports teams, or politicians, he just makes more money. He lives very modestly actually, still lives in his same little house and gets like a mcdonald's value meal for breakfast before work every day, he's an interesting guy.
(I'm not absolving him of the moral sins inherent in having and acquiring that kind of wealth, I'm just answering the question)