Warren Buffett pronounced on Wednesday that he is donating an additional $4.1 billion to charitable organizations as he steps down as a trustee of the Bill and Melinda Gates Foundation.
Warren Buffet participates in a discussion during the White House Summit on the United State Of Women.
Warren Buffett, the billionaire investor, has resigned as a trustee of the Bill and Melinda Gates Foundation and has given half his income to charity after committing 15 years ago to give away his fortune, according to a published article in Reuters.
Warren Buffet To Donate Majority of His Wealth
In a recently published article in ABC News, Buffett's latest wealth transfer is said to be part of a 2006 promise to give away all of the shares he holds in Berkshire Hathaway, a Nebraska-based company he has headed since 1970.
Berkshire Hathaway owns over 60 companies including familiar brands like Geico, Dairy Quee, and Duracell.
Berkshire Hathaway shares account for about 99 percent of his net worth, and Warren Buffet said that he is "halfway" in giving away the bulk of his fortune, according to a published article in Yahoo Finance.
It was also reported that Buffett's donations will proceed to the Susan Thompson Buffett Foundation, named after his late wife, and to other charitable organizations established by his children.
Warren Buffet Resigns as a Trustee of the Gates Foundation
Buffett, 90, has served as a trustee of the foundation for 15 years. But said in a statement on Wednesday that he had been an "inactive trustee" at the foundation for years, completely backing Chief Executive Mark Suzman. He also said that their objectives were "100% in sync."
Meanwhile, Warren Buffet did not explain why he is retiring. It is not also clear if his decision to retire has a connection to the Bill and Melinda Gates divorce. The Gates are divorcing after 27 years of marriage.
Buffet and Bill Gates have had other charitable connections. In 2010, they put up the Giving Pledge which asks billionaires to promise to commit at least half of their wealth to charity.
Buffet's Donation has Reached $100 Billion
Since 2006, he has given away about $41.5 billion in Berkshire shares, including $32.7 billion to the Gates Foundation. Because Berkshire's stock price has increased, the entire amount is currently about $100 billion.
Buffet remarked, "[T]he easiest deed in the world is to give away money that will never be of any real use to you or your family," per The Washington Post.
He also added that the heroes of charity are those who offer their love and time to directly assist others, sometimes with the addition of a monetary contribution that forces them to forego the purchase of something important for their own use.
Buffet Assures To Continue His Financial Support
According to CEO Mark Suzman, Buffett is stepping down as a trustee but will continue to provide tremendous financial support, noting Wednesday's contribution as the biggest one to date, with his contribution of over $33 billion to the foundation.
Meanwhile, Bill Gates said that the foundation would always have a strong sense of responsibility to Warren, paying careful attention to progress as well as recording success and finding areas for improvement.
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