The Berkshire Hathaway billionaire says he’s « optimistic. »
Warren Buffett announced on Wednesday that he’s donating $4.1 billion of Berkshire Hathaway shares to five foundations — and he’s stepping down from his role as a trustee of the Bill & Melinda Gates Foundation, one of the largest philanthropies in the world. The Berkshire Hathaway CEO made the announcement as he shared the latest update on his charitable giving, while defending the pace at which he’s been donating his immense fortune. Now 90 years old, Buffett says he’s halfway toward his goal of giving up nearly all of his net worth. Buffett was not specific about why he is resigning from the Gates Foundation, which has been a primary beneficiary of his donations for more than a decade. In his letter, the billionaire noted that his goals were “100% in sync” with the foundation, that he’d been an “inactive trustee,” and that he’d resigned from “all other corporate boards other than Berkshire Hathaway.” Buffett’s announcement comes less than two months after Bill and Melinda Gates announced their divorce and as Bill Gates faces ongoing scrutiny over past workplace conduct and extramarital affairs. The focus of Buffett’s letter, however, seems to address how he approaches philanthropy at a time of intense criticism of wealth inequality and billionaire power. Buffett generally defended his accumulation of wealth, and seems to be arguing that the benefits of compounding interest have justified his gradual approach to selling off his shares. Meanwhile, the $4.1 billion donation is not necessarily surprising.
