Warren Buffett announced a significant adjustment to his philanthropic plans on July 14th. He is accelerating the timeline for donating his wealth, moving the target from within 10 years after his death to completion by the end of 2034. This means approximately $140 billion worth of Berkshire Hathaway (BRK.B) shares will be fully distributed within about eight years. Concurrently, the Gates Foundation, which has received nearly $48 billion in cumulative donations from Buffett over the past two decades, was notably excluded from this year's recipient list for the first time.
According to the announcement, Buffett's nearly $6 billion in donations for the year were directed entirely to four family foundations. The Susan Thompson Buffett Foundation, named after his late first wife, received 9 million Class B shares (approximately $4.5 billion). The Sherwood Foundation, the Howard G. Buffett Foundation, and the NoVo Foundation, each managed by one of his three children—Susie, Howard, and Peter—received 1 million shares each (approximately $500 million).
In his statement, Buffett expressed, "My goal is to dispose of all my Berkshire Hathaway shares in about eight years." He candidly noted that his children are aging, with the eldest, Susie, turning 81 by 2034, and thus he hopes they can complete the distribution of this wealth during their lifetimes.
The exclusion of the Gates Foundation from this year's donations marks the end of Buffett's nearly twenty-year philanthropic partnership with the organization. This change is related to certain personal actions of Bill Gates. In an interview, Buffett stated he had reviewed the relevant documents released by Congress and had informed Gates of his decision. When asked about his friendship with Gates, Buffett remarked, "While it's unpleasant, and he made mistakes, I've also made mistakes in hiring or choosing friends... We've had countless wonderful times; it was a great friendship."
The Gates Foundation issued a statement expressing gratitude for Buffett's longstanding support, noting that his cumulative donations exceeding $47 billion have helped the foundation expand the reach of its mission.