Warren Buffett gives away $4.1 billion, resigns as trustee at Gates Foundation

Warren Buffett said Wednesday he will donate $4.1 billion worth of Berkshire Hathaway shares to five foundations, and that he will resign as the trustee at the Bill & Melinda Gates Foundation.

This year’s donation marked the halfway point for the 90-year-old Oracle of Omaha, who in 2006 pledged to give away all of his Berkshire shares through annual gifts to Bill & Melinda Gates Foundation, Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation and NoVo Foundation. Back then, Buffett owned 474,998 Berkshire A shares. Today, he said he owns 238,624 shares, worth about $100 billion.

“Today is a milestone for me,” Buffett said in a statement. “In 2006, I pledged to distribute all of my Berkshire Hathaway shares — more than 99% of my net worth — to philanthropy. With today’s $4.1 billion distribution, I’m halfway there.”

Buffett’s resignation as Gates Foundation trustee comes as the charitable organization faces a tumultuous time with the divorce of its two founders.

“For years I have been a trustee — an inactive trustee at that — of only one recipient of my funds, the Bill and Melinda Gates Foundation (BMG). I am now resigning from that post, just as I have done at all corporate boards other than Berkshire’s,” Buffett said. “The CEO of BMG is Mark Suzman, an outstanding recent selection who has my full support. My goals are 100% in sync with those of the foundation, and my physical participation is in no way needed to achieve these goals.”

Bill Gates, co-founder and former CEO of Microsoft, and his wife, Melinda French Gates, announced their divorce in May. The couple along with Buffett were creators of the Giving Pledge, a program that requires participants to give away more than half of their wealth.

Buffett said his 16 annual contributions to the five foundations over the years were worth $41 billion when disbursed. Buffett is Berkshire’s largest shareholder, owning about 39% of the Class A shares, according to FactSet.

Berkshire A shares have rebounded more than 20% to hit a record high in 2021 as many of the conglomerate’s business recovered better than expected from the pandemic hit.

“I’m optimistic. Though naysayers abound — as they have throughout my life — America’s best days most certainly lie ahead,” Buffett said. “Philanthropy will continue to pair human talent with financial resources. So, too, will business and government. Each force has its particular strengths and weaknesses. Combined, they will make the world a better place — a much better place — for future generations.”

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[Semelem]

Well if these are the standards then moving money from my savings account to my checking account is my version of philanthropy

[djmbst]

'gives away' to five foundations... four of which belong to his wife and children. HAHAHA

[anablepatrick]

This is a Nice video.... So inspiring but do anyone knows about expert Mrs Lisa. Mrs Lisa is legit and her method works like magic I keep on earning every single week with her new strategy

[garygrant]

The Underlining Story here is, a divorce and island trips.
Mr. Buffett is a man with character, and has high morals and honesty when it comes to business. He expects those he associates with, in and out of his company, to have the same.
bILLy boy does not fit that profile.

[warrendavis]

He’s giving away to foundations his kids run 😂

[itrthho]

Warren needs to denounce the Gates Foundation

[visittavee]

Every Foundation made more money by not paying Tax

[pursuit]

This is why capitalism works better! Both systems fail in various ways when combined with corruption, but proper capitalism fails less. Thank you Warren Buffet for being a true American hero!

[razheer]

Trying to distance yourself from gates before the beans spill? 🤨🤨

[surferxblood]

All he’s doing is funneling his money.
Dummies

[desireesalas]

He could've done away with hunger and homelessness with that amount if he really wanted to be 'charitable' 🙄

[stryker]

billionaire donates to other billionaires charity....wtf is this garbage

[ragingmonk]

Buffet is 90 years old so it is time to step back and chill. Drink a coke, take a bath in a tub full of money.

[rajahjain]

Anyone who has a negative comment about this man is a LOSER! First go employ millions of people, have all your kids like you once they are grown, make billions and then give it all away. Maybe then you have a right to speak about him and it be worth listening to. Otherwise be happy there are people like this in the world and show some grace towards them.

[savageelle]

He is avoiding taxes!!!! It's a loophole

[oscarmike]

Andy doing his typical CNBS spin. This channel has zero credibility. Andy - what have you personally donated to charity?

[davealva]

I would love to see how this money is making a difference. $41 Billion has to show a dramatic change to our world. You could build numerous desalination facilities to get water to drought stricken areas.

[playbak]

All the taxes he didn't pay, sickening

[yarayara]

Most people will sit back and play with everything of life and surely they’ll be kicking themselves in few weeks if they miss the opportunity to buy and invest in Crypto as it's retracting....BE WISE✅🚀🚀

[wokeymcwokeface]

How long to hold and when to give it away - not the problems 99.9% of us have!