Omaha, NE, July 3, 2024 – Warren Buffett, the 93-year-old chairman of Berkshire Hathaway and one of the world's wealthiest individuals, has unveiled his latest plans for the distribution of his immense fortune. In a recent interview with The Wall Street Journal, Buffett detailed changes to his will, indicating a significant shift in his philanthropic strategy.

Buffett, who has a net worth of $13,500 million, has decided to cease donations to the Bill & Melinda Gates Foundation after his death. Instead, his wealth will be managed by a new charitable organization overseen by his three children: Howard, Suzanne, and Peter Buffett. Despite this change, he will continue his lifetime donations to the Gates Foundation.

"I have a very positive view of the values of my three children. I have 100% faith in the way they will handle things," Buffett stated. His children each run their own philanthropic organizations, which he trusts will carry forward his legacy of giving.

Currently, Buffett is in the process of converting about 9,000 Class A shares into over 1.3 million Class B shares. Of these, approximately 9.3 million shares will be allocated to the Bill & Melinda Gates Foundation Trust, while the remainder will be distributed among the Buffett family's four charities.

Over the past 18 years, Buffett has been a substantial contributor to the Gates Foundation, donating $4.3 billion. He has also made significant contributions to the Suzanne Thompson Buffett Foundation and the foundations led by his children. Last year alone, the Buffett family donated about $87 million to various charities and approximately $75 million in 2022.

Since 2006, Buffett has donated more than half of his stock holdings, yet he still retains 14.5% ownership of Berkshire Hathaway, which has a market value of $88 billion. Despite his immense wealth, Buffett is known for his frugality. He continues to reside in the modest house he purchased in 1958 for $31,500.

Buffett's philanthropic efforts extend beyond his own donations. He co-launched the Giving Pledge movement with Bill and Melinda Gates, encouraging billionaires like Sam Altman, Michael Bloomberg, Carl Icahn, Elon Musk, and Mark Zuckerberg to commit to donating the majority of their wealth.

Warren Buffett's impact goes beyond his financial acumen. Former US President Barack Obama once praised him as "not only a top rich man but also one of the most respected and loved people." Known as the "Wizard of Omaha," Buffett has built a legacy of generosity and humility. Despite starting his significant charitable giving when his net worth was $44 billion, his wealth has continued to grow, as has his commitment to philanthropy.

As Warren Buffett looks to the future, his faith in his children and his ongoing support for the Gates Foundation underscore his lifelong dedication to using his wealth for the greater good.