Buffett to donate over $1.3 billion to charity
Billionaire Warren Buffett has announced his intention to donate more than $1.3 billion to charity and confirmed that he will step down as CEO of Berkshire Hathaway at the end of 2025. This is stated in his letter to shareholders, published on November 10 by Bloomberg.
The 95-year-old Buffett announced that he was stopping writing traditional annual addresses and speaking at company meetings. He noted that he feels "generally well," but intends to accelerate the transfer of assets to his children and strengthen the mechanisms of charitable management of the state.
"Although I move slowly and read more and more difficult, I am in the office five days a week, where I work with wonderful people," he wrote.
According to the businessman, his children "have the maturity and intelligence" to manage the legacy. Buffett has once again confirmed that Greg Abel will succeed him. He stressed that shareholders should feel confidence in him, just as they had previously in Buffett and Charlie Munger.
"I cannot imagine a CEO, management consultant, scientist, member of government—anyone—whom I would choose instead of Greg to manage your and my savings," the letter says.
According to the document, 1.5 million Class B shares will be transferred to the Susan Thompson Buffett Foundation, and another 400,000 shares each will be transferred to three foundations of the businessman's children.
Earlier, on May 14, Buffett said that in recent years he has become more aware of age—related changes, from blurred vision to decreased endurance. According to him, the difference in energy and pace of work between him and his successor has become obvious. Therefore, the gradual transfer of powers, according to the billionaire, will ensure a "smooth and sustainable transition" for Berkshire without drastic changes in the company's strategy.
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