Billionaire Warren Buffett is known for many things, whether its his decades leading Berkshire Hathaway (NYSE:BRK)(NYSE:BRK), his investing wisdom or his philanthropic efforts.
Buffett’s philanthropy takes center stage this week with donations announced for family foundations and a new plan to donate his $140 billion in Berkshire Hathaway shares by the end of 2034.
One of the key businessmen behind creating Trump Accounts with President Donald Trump is ready to pitch Buffett for a share of the donations.
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Buffett Announces Donations
Buffett is donating around $6 billion to four foundations connected to his family, while omitting the Gates Foundation from donations for the first time in years, a move predicted recently as the billionaire distances himself from Microsoft co-founder Bill Gates.
The donations total nine million Berkshire Hathaway shares worth around $4.5 billion to the Susan Thompson Buffett Foundation and around $500 million each (one million Berkshire Hathaway shares) to each of the Sherwood Foundation, Howard G. Buffett Foundation and Novo Foundation, as reported by the Associated Press.
The four foundations all have links to Buffett and his children.
After originally planning to have his three children donate the rest of his fortune, which includes Berkshire Hathaway shares worth $140 billion, within 10 years of his death, Buffett is moving the timeline up.
Buffett wants to donate the $140 billion by the end of 2034.
"Of course, mortality is unpredictable, but my remaining shares will be donated to the four foundations one way or the other by December 31, 2034," Buffett said in a statement. "The goal is to have the grants grow annually to each of the three foundations managed by each of my children and the annual grant to the Susan Thompson Buffett Foundation grow at a somewhat greater rate."
The $6 billion in annual donations is similar to the same he donated last year, but this year saw the Gates Foundation left out and the other foundations receive more than in past years. The Gates Foundation has received more than $47 billion in Berkshire Hathaway shares since 2006.
Buffett is expected to share more on his donations and philanthropic plans in an interview with CNBC on Wednesday. Buffett told CNBC’s Becky Quick that he had not spoken to Gates for months back in a March interview. He will likely be asked about Gates once again.
Trump Accounts Backer Wants Buffett’s Donations
Altimeter Capital founder Brad Gerstner said he wants to pitch Buffett on donating to Trump Accounts.
"Buffett is the greatest investor of all time — synonymous with the American Dream. He inspired me to start Invest America/Trump Accounts," Gerstner said in a social media post.
Gerstner said if Buffett wants to get rid of his Berkshire Hathaway shares by 2034, there is no greater legacy than "sponsoring a Buffett dividend of Berkshire shares" for 70 million American kids and seeding "the next 250 years of American capitalism."
Gerstner said he and Dell Technologies CEO Michael Dell will share their pitch with Buffett.
Buffett was previously outspoken on Trump and some of his policies, but in recent years has tried to stay away from politics as much as possible.
Trump Accounts have generated some bipartisan support, but it’s unclear if Buffett would support an initiative with Trump’s name and one that helps out a company like Robinhood Markets (NASDAQ:HOOD).
Robinhood helped create the platform for Trump Accounts. Buffett has been critical of Robinhood in the past, saying the platform is casino-like in nature for investors.
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