Investor Warren Buffett renewed his Thanksgiving tradition of giving by handing out more than $1.1 billion of Berkshire Hathaway stock to four of his family's foundations Monday, and he offered new details about who will be handing out the rest of his fortune after his death.

Summary

Warren Buffett gave $1.1 billion in Berkshire Hathaway stock to family foundations and detailed plans for distributing his $147 billion fortune after his death.

His three children will oversee giving the remainder within 10 years, with designated successors in case they predecease him.

Buffett, 94, reaffirmed his belief in avoiding dynastic wealth, favoring philanthropy instead.

Over the years, he has donated $55 billion to the Gates Foundation but plans to shift focus to his family’s foundations.

Buffett continues leading Berkshire Hathaway while preparing Greg Abel as his successor.

  • BleatingZombie@lemmy.world
    21·
    7 days ago

    I have no idea how money works at large scale, so I guess I have a question for anybody who knows

    Could that much money being distributed cause problems with the “economy”? My naive understanding is that the “economy” is (more or less) money moving around. Could hoarded wealth entering circulation cause any kind of problems?

    I know my question is already sort of flawed since hoarded wealth isn’t exactly sitting still, but I don’t know if that makes a difference