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Warren Buffett Steps Down as Gates Foundation Trustee

Buffett Donates $4.1 Billion in Berkshire Hathaway Shares to Charitable Foundations

In 2006, well-known investor Warren Buffett made a commitment to gradually give away his shares in Berkshire Hathaway to various nonprofits through annual donations. Over the years, he stayed true to this promise by supporting organizations like the Bill & Melinda Gates Foundation, Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation. As part of this process, he also served as a trustee of the Gates Foundation, a role he has now officially resigned from.

Recently, Buffett declared that he would be donating a total of $4.1 billion in Berkshire Hathaway shares to these five foundations. This generous contribution marks a significant milestone in his goal to donate the majority of his wealth to charitable causes.

Expressing his thoughts on this donation, Buffett stated, “Today is a significant moment for me. In 2006, I committed to giving away all my Berkshire Hathaway shares – over 99% of my net worth – to philanthropy. With this $4.1 billion donation, I am halfway towards fulfilling that commitment.”

Following this substantial donation, Buffett also announced his decision to step down as a trustee of the Gates Foundation. He clarified, “For years, I have held a trustee position – albeit an inactive one – at only one of the organizations receiving my donations, the Bill and Melinda Gates Foundation (BMG). I am now resigning from this role, just as I have done with all corporate boards except Berkshire’s. The CEO of BMG, Mark Suzman, is a fantastic recent addition who has my full support. Our objectives are perfectly aligned, and my physical presence is not essential to achieving them.”

Looking ahead, Buffett shared his optimism by stating, “Despite the skeptics who have been present throughout my life, I firmly believe that America’s brightest days are ahead. Philanthropy will continue to combine human expertise with financial backing, just as business and government will do. Each entity brings its own strengths and weaknesses, and together, they will make the world a better place – significantly better – for future generations.”

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