Buffett set to disburse $42 billion fortune amongst 5 foundations Updated 6/25/2006 5:32 PM ET OMAHA (AP) â Billionaire investor Warren Buffett announced plans Sunday to give the bulk of his roughly $42 billion fortune to five foundations in annual gifts of stock starting next month. The decision represents a stark reversal for the world's second-richest man, who for years had said his wealth would be pledged to philanthropies after his death. Moreover, his vast holdings of Berkshire Hathaway Inc. stock had been expected to go largely to the Susan Thompson Buffett Foundation, begun by his late wife. Her foundation has given millions of dollars to hospitals, universities and teachers, as well as to Planned Parenthood and other abortion rights groups. Instead the 75-year-old chairman and chief executive of Berkshire Hathaway plans to give the largest contribution to the Bill and Melinda Gates Foundation, established by Buffett's friend, and Berkshire board member, Bill Gates. Buffett's gift will increase the resources of the Gates Foundation, which is already the world's largest philanthropy with assets of about $29.1 billion. GATES FOUNDATION: Buffett gift doubles reach Calls to Berkshire Hathaway's offices were not immediately returned Sunday, but letters outlining the gifts were posted on the company's website. Fortune magazine reported on Buffett's decision earlier. The Gates' issued a joint statement applauding Buffett's decision. "We are awed by our friend Warren Buffett's decision to use his fortune to address the world's most challenging inequities, and we are humbled that he has chosen to direct a large portion of it to the Bill & Melinda Gates Foundation," Bill and Melinda Gates said. Over time Buffett plans to give away 12,050,000 Class B shares of Berkshire Hathaway stock to the foundations, but he will have to convert some of his 498,320 Class A shares to complete the gifts. One Class A share, which sold for $92,100 on Friday, can be converted into 30 Class B shares, which sold for $3,071 Friday on the New York Stock Exchange. The gifts would be worth nearly $37 billion at Friday's Class A share prices. Buffett said he plans to earmark 10 million B shares for the Gates Foundation, 1 million B shares for the Susan Thompson Buffett Foundation named in honor of his wife and 350,000 shares for the three foundations run by each of his children. Buffett plans to give each foundation 5% of his total pledge each year in July. Buffett's health has been the subject of speculation. He has said a succession plan is in place at Berkshire but refuses to name a successor. In the letters, Buffett wrote, "My doctor tells me that I am in excellent health, and I certainly feel that I am." Copyright 2006 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
BILL GATES WILL NOT ONLY BE THE WEALTHIEST PERSON, BUT HE WILL BE THE MOST POWERFUL AND INFLUENTIAL MAN IN THE WORLD !!! the resources under his control will be so enormous, he can singularly move international governmental policies, alter world political agenda, and reset priorities for the human race. We have been witnessing a new world order in business previously unknown to mankind, we are about to witness a new world order in politics previously unknown in history. xxx
Let's play game! Let's suppose you are Bill Gates ca 1980 and you have 2 choices: 1. Do everything the same way as he did and became the richest man on Earth. 2. Make a more decent software so your costumers would actually love you, don't screw your competitors, keep a clean business practice, etc. You still be rich, but not as much as in #1. After all, unless you want to buy a country or develope non-oil based transportation, or go to Mars, who really needs 42 billion???
i have great hopes for what the man can do; bein' so altruistic and so rich is a very uncommon thing; imagine the influence on policy makin'; benefits could be enormous not only for the poor but for every one of us, innit.
i wish he would buy the amazon rainforest and the last remaingin strips of african rainforest, because because of his money the africans and brazilian population will only explode even more and cut all the trees and nature i find it hard to believe the earth will survive with china and india starting to burn oil like madmen (like the us now) while on the equator we are cutting away all the trees
every foundation-pimp in new york, paris, san fran and brussels had simultaneous visceral reactions upon seeing the headline...
if the software had been more "decent" microsoft would have made more money not less money. QUOTE]Quote from Pekelo: Let's play game! Let's suppose you are Bill Gates ca 1980 and you have 2 choices: 1. Do everything the same way as he did and became the richest man on Earth. 2. Make a more decent software so your costumers would actually love you, don't screw your competitors, keep a clean business practice, etc. You still be rich, but not as much as in #1. After all, unless you want to buy a country or develope non-oil based transportation, or go to Mars, who really needs 42 billion??? [/QUOTE]