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 $55 billion to the Gates Foundation but plans to shift focus to his family’s foundations.
Buffett continues leading Berkshire Hathaway while preparing Greg Abel as his successor.
I once met a wealth manager for a billionaire whose entire job was to donate money as effectively as possible, focusing on infrastructure and education projects in Central and South America. She explained that the challenges are often unexpected.
For example, most smaller local organizations struggle to absorb large sums of money efficiently. Take, for instance, a group that builds homes for those in need. A sudden donation of millions of dollars can be too difficult to manage efficiently. So they try to be mindful of local needs, build trust, and build long-term partnerships.
So, why not just support many small communities? Well, a billion dollars could fund a thousand 1 million$ projects. That’s why this billionaire hired multiple wealth managers just to handle donations. That chat changed my perspective on how difficult it can be to give away large amounts of money.
Still, I’d rather them pay fair taxes.
I was about to say, they should just pay taxes, after all this is what government is for.
“Dragon gives away hoard after death. That will fix all the lives he ruined, right?”
How did he ruin lives? Didn’t he mostly make his money playing stocks and investing in stuff?
Lemmy, in general, thinks anyone with money is evil, and their money was sucked from the teets of the poor. It’s sort of annoying. Not just super wealthy people, either. If you have any sort of investment that increases in value over time, you’re a bad person. That money should have gone to poor people, somehow.
The money investors get, just by owning the stock, is produced by people working with the stuff the investors money bought. The money isn’t supposed to go to “poor people somehow” it’s supposed to go to the people doing the work.
if I take 100 dollars from you and give back 10 to random people, does that seem fair?
How did he take 100 from me, though? If I bought shares of Intel and made $100, how is it that I took it from you?
Fuck Warren Buffett. He’s just another scumbag who has soaked up wealth by taking full advantage of neoliberal economics. There are no good billionaires.
People are so stupid, they look at that figure and go “147 billion. Huh”
That cunt is a fucking greedy evil bastard and is literally causing children to starve to death because people can’t afford food. This evil shit has $18 for every man, woman and child on earth. Think about that.
I’m not some sort of reactionary but I’m astonished how people don’t realise just how much suffering these evil fuckwits are causing.
Burn the cunt on a stake
The only correct response honestly.
This fucker, and everyone else should not ever have $147 billion to give away, or anywhere close to it.
I’d argue it isn’t his money anyway. These psychos have concocted a system of capitalism that is inherently theft and exploitation. The wealth is dependent on the masses who are kept poor as wage slaves stuck in a perpetual cycle of produce and consume. Which most of us cannot escape.
The masses are the cement and rebar foundation for the billionaires wealth.
Honestly, it ain’t his money to give away. I wish people would realize this.
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.
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 feel like you are inventing the concept of an endowment from first principles.
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 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.
He’s entered the Rockefeller stage of his life. Build a bunch of community shelters or rebuild America’s railroad network or something useful, Warren.
