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Catnap
Stranger
Joined: 13 Mar 2006
Posts: 7
Cash Points ££ 391.88
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 Posted: Sun Jun 25, 2006 11:45 pm Post subject: Warren Buffet to give bulk of his wealth to Gates Foundation |
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Warren Buffett, the world's second richest man, is starting this year to give much of his wealth to charity, with the bulk of over $40 million in Berkshire Hathaway stock going to the Bill and Melinda Gates Foundation.
In a letter dated Monday, Buffett, who is chairman of Berkshire Hathaway Inc., tells Bill and Melinda Gates that the first annual donation would go to the foundation this year. It's expected to total about $1.5 billion.
Up until now, all the money given away by the Gates Foundation has come from Bill and Melinda Gates.
The money from Buffett comes with a signficant catch. The letter says Buffett wants all his money to be distributed in the year it is donated, not added to the foundation's assets for future giving. He is giving the foundation a few years to get used to the idea of giving away a lot more money.
The Bill and Melinda Gates Foundation issued the following statement Sunday morning thanking Buffett for his generosity:
"We are awed by our friend Warren Buffett’s decision to use his fortune to address the world's most challenging inequities, and we are humbled that he has chosen to direct a large portion of it to the Bill & Melinda Gates Foundation.
Over the past 15 years, we have enjoyed a special friendship with Warren, and his advice has had a major influence on us. Warren has not only an amazing intellect but also a strong sense of justice. Warren’s wisdom will help us do a better job and make it more fun at the same time.
The impact of Warren’s generosity will not be fully understood for decades. As we move forward with the work, we do so with a profound sense of responsibility. Working with Warren and with our partners around the world, we have a tremendous opportunity to make a positive difference in people’s lives.”
In March, Forbes magazine named Gates the world's richest man for the 12th year running. Gates grew wealthier, with his net worth rising to $50 billion from $46.5 billion. Buffett again ranked second; his fortune falling by $2 billion to $42 billion.
On June 15, Gates announced that he will transition from day-to-day responsibilities at Microsoft to concentrate on the charitable work of the Gates Foundation. Gates will continue on as the company's chairman after transferring his duties over a two-year period. |
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Deborah
Veteran Investor
Joined: 12 Jul 2004
Posts: 418
Cash Points ££ 1730.36
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| Posted: Tue Jun 27, 2006 6:34 am Post subject: |
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very generous, though you would have thought Bill gates had enough billions already, reading up on the news, i see he only gave his own children £1 billion each for their own foundations.
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