Bill Gates' Foundation Was Snubbed by Warren Buffett for the First Time in 20 Years. Buffett Is Now on Track to Offload His Entire $140 Billion Berkshire Stake by 2034.
Buffett has changed his giving plans; will that affect how Berkshire Hathaway is run?
Overview
Warren Buffett is one of the world's most famous investors. Although he was technically the CEO of industrial conglomerate Berkshire Hathaway (NYSE: BRKA)(NYSE: BRKB), it was his investment approach that really grew the business. Essentially, he used the company as an investment vehicle, buying entire companies and large stakes in publicly traded stocks.
He has handed the CEO role to a handpicked successor, Greg Abel. But Buffett may be making Abel's job more difficult over the long term with the changes he is making to his giving plans. Here's what you need to know.
Details
Buffett's ownership of Berkshire Hathaway totals around $140 billion. The company's market cap is roughly $1.05 trillion, so Buffett alone controls around 13% of the giant company. That's a big position, and it gives the former CEO a strong voice in corporate decision-making. To be fair, he's the chairman of the board of directors, so he has a strong voice anyway. But large shareholders often have to be consulted when big decisions are made.
Source
Originally published at www.fool.com.