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W Buffett wants his $96B spent within 10 years of his death
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[link to finance.yahoo.com (secure)]
So reports the Wall Street Journal in a recent investigation of the future of Buffett’s fortune, which is worth $96.8 billion at the time of this article's publication. In 2006, the Berkshire Hathaway CEO pledged to give away 85% of his stock in the company to charity, designating the majority of it to the Bill & Melinda Gates Foundation. Four years later, he vowed to redistribute 99% of his wealth to philanthropy during or after his lifetime.
Of Buffett's $90 billion Berkshire stake, $56 billion will go to the Gates Foundation and $17.4 billion to four family charities, leaving an uncommitted $18.7 billion—all numbers the Journal says could climb if Berkshire shares continue to perform the way they have been. He reportedly wants his billions spent within 10 years of his death
Gates Foundation staffers have been banking on receiving the full amount of both Buffett’s pledged shares and remaining unpledged shares, the Journal reported, having spent years figuring out where to put the money since some Gates Foundation grant recipients were already maxed out.
As wealth inequality and the pay gap widened during the pandemic, a growing number of billionaires have been thinking of more inventive ways to allocate their assets. That includes the idea of a more equitable distribution of money, beginning with kids. It's even reaching the Senate—the Democrat-backed American Opportunity Accounts Act, a proposal that addresses the racial wealth divide by introducing $1,000 baby bonds for all newborns in the U.S.
If Gates staffers carry through with such plans for a worldwide children’s bank, Buffett’s billions could have the same effect across the globe.
GRRRRRRRRRRRRRR
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