Warren Buffett has finally revealed what will happen to his money after he dies | CNN Business (2024)

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Warren Buffett has finally revealed what will happen to his money after he dies | CNN Business? ›

He will put his wealth in a new charitable trust overseen by his three children, he said.

Bill Gates and Warren Buffett have been friends for over 30 years. After hitting it off in their first meeting, they worked together on philanthropy for decades.

Buffett announced in June that he would donate his fortune, now valued at nearly $144 billion, to a charitable trust managed by his three children when he dies, instead of giving it to the Gates Foundation, as he indicated 18 years ago.

"The first rule of an investment is don't lose [money]. And the second rule of an investment is don't forget the first rule. And that's all the rules there are." This quote from legendary billionaire investor Warren Buffett has become one of his most well-known aphorisms.

Buffett has given about $43 billion to the Gates foundation since 2006.

Growing Tensions

Buffett still lives a simple life in the same Omaha house he bought decades ago, while Gates prefers a more extravagant lifestyle with multiple houses, private jets, and an expensive art collection. According to the New York Times, Buffett has also been frustrated with how the Gates Foundation is run.

Steve Jobs and Bill Gates were alternately allies and enemies throughout their tenures at the helm of Apple and Microsoft. They'd gone back and forth complimenting and criticizing each other and each other's companies. Still, the successes of their companies were undeniably intertwined.

Before Buffett's will was edited, the largest portion of his fortune was designated for the Bill and Melinda Gates Foundation, but now, nearly all the funds from his enormous wealth will go to a new charitable trust overseen by his children.

Buffett himself has pledged that 99% of his wealth will go to philanthropy during his lifetime or upon his death.

Warren Buffett said Friday he will give about $5.3 billion worth of Berkshire Hathaway stock to five charities. Buffett made a commitment to donate annually to the same five charities, including the Bill and Melinda Gates Foundation, in 2006.

What is Warren Buffett's golden rule? ›

"Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1."- Warren Buffet.

A 70/30 portfolio is an investment portfolio where 70% of investment capital is allocated to stocks and 30% to fixed-income securities, primarily bonds.

“Price is what you pay, value is what you get.” This famous Buffett quote strikes at the heart of the “value investor” approach and reveals the secret of how Buffett made his fortune. After Buffett was rejected by Harvard, he enrolled in an undergraduate degree at Columbia Business School.

In 2006, on his 76th birthday, Buffett married his longtime companion, Astrid Menks, who was then 60 years old—she had lived with him since his wife's departure to San Francisco in 1977. Susan had arranged for the two to meet before she left Omaha to pursue her singing career.

After spending much of his life dominating the “world's richest” lists, Gates has vowed to give away 99.96% of his wealth through his charity, the Bill & Melinda Gates Foundation, which advances education and public health initiatives around the globe.

Am I eligible for a grant? In general and except in specific circ*mstances as noted on certain grant applications, the foundation is unable to make grants directly to individuals. I am raising money for a cause.

In the 1980s, Buffett became friends with Warren Buffett and a shareholder in Berkshire Hathaway, increasing his stake over the years. They called each other "Cousin Jimmy" and "Uncle Warren" though they were not related.

Cash on Hand as of June 2024 : $276.94 B.

Bill Gates was the son of wealthy parents, his father was a partner in the law firm Preston Gates & Ellis, his mother was on board of directors for First Interstate BancSystem and the United Way. Bill got a sweetheart deal from IBM, in part due to his mother serving on the United Way board with Jon Opel, chair of IBM.