this post was submitted on 27 Nov 2024
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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.

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[–] [email protected] 7 points 5 days ago (2 children)

Everyone hates billionaires for hoarding their money, but then it's also a problem when they're giving it away to charity.

Billionaires suck and shouldn't exist, but they do. I know this is going to get downvoted to hell because it seems a majority of the users here can't stand anything remotely positive being said about billionaires. But guys - it's an isolated good thing when billionaires give away large sums of their money to charitable causes. Doesn't mean that they shouldnt pay more in taxes, or that they're wonderful people, or that they accumulated their wealth in moral ways. All of these things can be true at the same time.

[–] [email protected] 3 points 5 days ago (1 children)

The question for me is what charities and how they are chosen. What demographics are the charities intending to assist, and who are they potentially intending to exclude? Even through charity, billionaires can push agendas and affect who receives privileges and who doesn't.

[–] [email protected] 1 points 4 days ago

Governments are also often guilty of favoring funding towards their favorite causes. Not defending billionaires here, but pouring money into mediatic causes, while ignoring or underfunding less visible causes is definitely a thing.

[–] Gradually_Adjusting 1 points 5 days ago

The trouble is that billionaires who remain sympathetic to Carnegie's "gospel of wealth" are vanishing, while narcissists who see themselves as American oligarchs are proliferating. It isn't hard to see how dynasties could be more politically powerful on a long timescale.

Many would call this a natural progression, and for my part I don't envy whoever ends up on the other side of that debate - money being the root of all evil.

[–] pigup 5 points 5 days ago

He should give it to Bernie

[–] LovingHippieCat 9 points 6 days ago

Dude could randomly give 147,000 people 1 million dollars but he's more likely to just give it to charities that his buds or family will benefit from.

[–] T00l_shed 5 points 6 days ago

Write everyone in the US cheque for ~$400

[–] nanami 134 points 1 week ago (3 children)

I once met a wealth manager for a billionaire whose entire job was to donate money as effectively as possible, focusing on infrastructure and education projects in Central and South America. She explained that the challenges are often unexpected.

For example, most smaller local organizations struggle to absorb large sums of money efficiently. Take, for instance, a group that builds homes for those in need. A sudden donation of millions of dollars can be too difficult to manage efficiently. So they try to be mindful of local needs, build trust, and build long-term partnerships.

So, why not just support many small communities? Well, a billion dollars could fund a thousand 1 million$ projects. That’s why this billionaire hired multiple wealth managers just to handle donations. That chat changed my perspective on how difficult it can be to give away large amounts of money.

Still, I’d rather them pay fair taxes.

[–] Crackhappy 62 points 1 week ago (2 children)

I was about to say, they should just pay taxes, after all this is what government is for.

[–] finitebanjo 9 points 6 days ago* (last edited 6 days ago)

Yeah, I was very disappointed in Bill Gates for being pro-philanthropy but against higher taxation. That said, Gates and Buffet don't get the final say. The American people just elected an anti-tax fraudulent billionaire.

[–] DeadWorldWalking 9 points 6 days ago (1 children)

But if they donate enough then we will never force them to give up all their excess wealth.

And they like having excess wealth, a lot, like most rich people have hoarding mental disorders.

None of them really want to better society, they just want us to not rip all their skin off and redistribute their wealth so our economies benefit everyone again.

[–] finitebanjo 5 points 6 days ago* (last edited 6 days ago) (1 children)

Nah, I don't like that. That's bad. Everybody should have to pay a share to fund public available necessities and uplift people as equals. It's not optional, it being optional demonstrably does not work, and even if it did we shouldn't rely on faith and goodwill.

[–] Crackhappy 3 points 6 days ago

Billionaires should be illegal.

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[–] [email protected] 71 points 1 week ago (27 children)

"Dragon gives away hoard after death. That will fix all the lives he ruined, right?"

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[–] PoopSpiderman 58 points 1 week ago (2 children)

Fuck Warren Buffett. He’s just another scumbag who has soaked up wealth by taking full advantage of neoliberal economics. There are no good billionaires.

[–] [email protected] 6 points 6 days ago (1 children)

People are so stupid, they look at that figure and go "147 billion. Huh"

That cunt is a fucking greedy evil bastard and is literally causing children to starve to death because people can't afford food. This evil shit has $18 for every man, woman and child on earth. Think about that.

I'm not some sort of reactionary but I'm astonished how people don't realise just how much suffering these evil fuckwits are causing.

Burn the cunt on a stake

[–] Yawweee877h444 2 points 6 days ago

Fuckin' amen.

[–] Yawweee877h444 3 points 6 days ago

The only correct response honestly.

This fucker, and everyone else should not ever have $147 billion to give away, or anywhere close to it.

I'd argue it isn't his money anyway. These psychos have concocted a system of capitalism that is inherently theft and exploitation. The wealth is dependent on the masses who are kept poor as wage slaves stuck in a perpetual cycle of produce and consume. Which most of us cannot escape.

The masses are the cement and rebar foundation for the billionaires wealth.

Honestly, it ain't his money to give away. I wish people would realize this.

[–] brlemworld 37 points 1 week ago (3 children)

Why wait? There is functionally no difference between $1b and $147b. He would get to see the fruits of his efforts if he spends it now.

[–] BleatingZombie 2 points 6 days ago* (last edited 6 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

[–] kerrigan778 1 points 6 days ago (1 children)

Because his true passion in life is turning money into more money. This is what he does, he doesn't buy yachts, or sports teams, or politicians, he just makes more money. He lives very modestly actually, still lives in his same little house and gets like a mcdonald's value meal for breakfast before work every day, he's an interesting guy.

[–] kerrigan778 3 points 6 days ago

(I'm not absolving him of the moral sins inherent in having and acquiring that kind of wealth, I'm just answering the question)

[–] LifeInMultipleChoice 21 points 1 week ago (4 children)

Because if it takes 10 years to donate that much and the market stays at its 10 year average growth they stand to have something like 190b dollars left when they are done donating that 149b.

[–] DeadWorldWalking 5 points 6 days ago* (last edited 6 days ago) (1 children)

With that logic he should give it to Jeff Bezos so he can keep growing it after he's gone.

As long as the promise is on the horizon and they don't ever pay up then poor idiots will keep making excuses for them to not dump their ill gotten gains back into the system they stole it from!

[–] LifeInMultipleChoice 2 points 6 days ago* (last edited 6 days ago) (1 children)

It's the same promise gates has made for decades. I am going to donate all of it. And he has donated billions, but taxes are low enough on the rich, and loop holes are big enough that even while they give away money, they still make shit tons more.

Example, Gates left Microsoft in 2008 and just runs his charity, where he has given away billions, like almost 6 billion in 2022 alone. His net worth was 58 billion in 2008, it is now around 107 billion.

He has almost doubled his net worth, while donating more money than anyone can ever spend, annually.

[–] [email protected] 1 points 5 days ago (1 children)

You're completely neglecting the fact that he still has Microsoft stock.. plus, he's certainly holding stock in other companies. It's disingenuous to say that his increase in net worth between 2008 and 2024 is solely due to the money he's donated.

For what it's worth, I'm not pro Bill Gates or billionaires - I just feel like it's important to speak factually when trying to address an issue.

[–] LifeInMultipleChoice 2 points 5 days ago* (last edited 5 days ago) (1 children)

No it's the stocks and investments that make the money. Just as I was saying above. The 150b they are in charge of giving away over 10 years stands to make money back for them.

75b 10% interest over 10 years - 194b. The 10 year average of the stock market was actually 11% growth annually though.. so a little over 200b is what they may make donating his 150b.

That's why it's a 10 year span to give it away is what I was getting at. They could hold it and make a shit ton more, but in reality this way they look like good people for giving it "all" away, get tax breaks and make money

[–] [email protected] 2 points 5 days ago (1 children)

Sorry, I misunderstood your previous comment. Thanks for the clarification. I agree that these charitable donations from billionaires are basically just positive PR stunts because there's essentially no tangible cost to them.

[–] LifeInMultipleChoice 2 points 5 days ago* (last edited 5 days ago)

Yarp. Talked elsewhere about it somewhere the other day.

If Musk does nothing but leave his money right now invested. His 380b would be over 1T in that same 10 year time period.

Given his age, he's got about 35 years of life left, that would be around 14.6T if it grows at the same 11% annual rate.

So when he dies his money would be making about 4 billion dollars a day. (It would break out entire economy)

Just for giggles, that's over $46,000 a second

[–] chiliedogg 1 points 6 days ago

I'm pretty sure his foundations and the Gates stuff both are specifically designed to be left with zero money at the end.

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[–] aeronmelon 29 points 1 week ago

He’s entered the Rockefeller stage of his life. Build a bunch of community shelters or rebuild America’s railroad network or something useful, Warren.

[–] [email protected] 22 points 1 week ago (2 children)

There comes a certain point where wealth ceases to be a blessing, and managing it becomes a full time occupation. I can respect this decision.

All the more reason to level the playing field, eh?

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