Warren Buffett donates to Gates Foundation, plans to cut the charity off after his death

Investor Warren Buffett announced that he plans to cut off donations to the Bill & Melinda Gates Foundation after his death.

Buffett has given about $55 billion worth of Berkshire stock to five foundations since he outlined his giving plan in 2006, with the biggest share by far going to the Gates Foundation. The other four foundations are affiliated with his family, including the ones each of his children run. "It should be used to help the people that haven't been as lucky as we have been," Buffett told the Journal. "There's eight billion people in the world, and me and my kids, we've been in the luckiest 100th of 1% or something. There's lots of ways to help people."

The value of Buffett's donations have grown with the steady rise in price of Berkshire's stock, so the stock he has given away to date is already worth more than his entire fortune of $43 billion when he announced his plan. The conglomerate's most widely traded Class B shares are up about 22% in the just past 12 months.

Buffett also occasionally makes other gifts to unnamed charities but he hasn't ever disclosed the details of those gifts.

Gates Foundation Berkshire Hathaway Charitable Gifts Estate Plan Children Philanthropy Donations

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