Warren Buffett’s announcement to donate his entire wealth by 2034 shocked the world. But the biggest question is why did the 20 year old relationship with the Gates Foundation suddenly end?
Warren Buffett Donation: Warren Buffet, the uncrowned king of the investment world and known as the ‘Wizard of Omaha’, has taken a historic decision which has created a stir in the corporate and charity world across the world. Buffett, who is going to celebrate his 96th birthday next month, is now preparing to bid farewell to his immense wealth forever. He has announced that by the year 2034 he will donate his entire wealth to Berkshire Hathaway. With this grand resolution, Buffett has more than doubled the pace of his charitable donations. But behind this story of generosity lies not only generosity, but also some tough decisions that have changed years-old friendships and partnerships forever.
Eight-year ‘deadline’ and $140 billion bet
“My goal is to give away all of my Berkshire shares within about eight years.” – Warren Buffett
At present, Warren Buffett has such shares of Berkshire Hathaway, whose market value is more than $ 140 billion (about Rs 11.6 lakh crore). Buffett has made it clear that whenever he dies, all his remaining shares will be handed over to his four family foundations by December 31, 2034. This new goal simply means that Buffett will now donate at least $17 billion worth of shares every year. This figure is more than double the $7 billion in stock donated last year. The annual transfer of such a huge amount is going to set a new record in the global market and the world of charity.
‘No more money’ to Gates Foundation: Decades old promise broken!
The most shocking and suspenseful aspect of this big announcement is that the ‘Gates Foundation’ established by Bill Gates and Melinda Gates will not get a single penny from this mega donation. With this, Buffett’s historic ‘Lifetime Promise’, which he had made with great expectations in the year 2006, has come to an end. According to the earlier schedule, Buffett was to donate about $4.5 billion to the Gates Foundation this month. But now all this money has been stopped. Over the past two decades, Buffett has contributed a total of more than $47 billion to the Gates Foundation, which has a market value of more than $159 billion to date. But now this golden journey has come to an end forever.
Rift in friendship and the ‘dark shadow’ of Jeffrey Epstein
After all, what happened that Warren Buffet completely turned his back on his close friend like Bill Gates? In fact, the first cracks in this deep friendship appeared in 2021, when Bill and Melinda decided to end their 27-year-old marriage. Just two months later, Buffett resigned from the post of trustee of the Gates Foundation. But the matter did not end here. There was a big blast in the year 2024 when the files of Jeffrey Epstein (notorious child-sex offender) revealed his deep relationship with Bill Gates. This controversy shook Buffett to the core. Buffett had said in very strong words in an interview: “Ever since this whole matter came to light, I have not talked to Bill Gates at all.”
Command in the hands of children: Where will Buffett’s immense money go?
After sidelining Bill Gates, Warren Buffet has made major changes to his will. After his death, “more than 99%” of his estate will go into a new charitable trust, with his three children as trustees. Currently, increasing the pace, Buffett has given shares worth about $4.5 billion to the ‘Susan Thompson Buffett Foundation’ named after his late first wife. In addition, three other foundations run by his children – ‘Sherwood Foundation’, ‘Howard G. The Buffett Foundation and the Novo Foundation have each been handed shares worth about $500 million. The world is eagerly watching how Buffett’s children use the wealth of this super-empire for the betterment of the world in the coming eight years.