Buffett bids farewell, gives fortune forward
The 94-year-old investing icon pledges to donate $149 bn in Berkshire stock as leadership transition begins
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New Delhi: Billionaire philanthropist Warren Buffett, in his letter to shareholders, has said he will ‘go quiet’ after stepping down as Chief Executive Officer (CEO) of Berkshire Hathaway at year‑end. Buffett, 94, also confirmed plans to step up his philanthropic efforts, pledging to donate the remaining $149 billion in Berkshire stock which he still holds.
In his final famed annual letter as CEO, Buffett also reflected on business and ageing, saying that “I am at the office five days a week where I work with wonderful people.” He disclosed that he had converted 1,800 Class A shares, worth about $1.35 billion, into the company’s lower-priced B shares and donated them to four of his family foundations.
“To improve the probability that they will dispose of what will essentially be my entire estate before alternate trustees replace them, I need to step up the pace of lifetime gifts to their three foundations,” he explained.
Buffet had announced earlier this year that Berkshire Hathaway would henceforth be run by Gregory Abel, 63, who has been with the company since 2000. Buffett mentioned that his optimism for Berkshire Hathaway’s future remains bright.
