Warren Buffett Just Cut the Bill Gates Foundation From His Annual Donation for the First Time Since 2006. The Missing $4.5 Billion Goes to His Children's Charities.
Buffett shifted his plan, but he's still on track to provide the world with billions in giving for decades to come.
Overview
The Ford Foundation, The Hershey Trust, and The Hormel Foundation are just some of the charitable organizations created by company founders or shareholders of major corporations. There are others that don't include company names. Right now, Warren Buffett, the former CEO of Berkshire Hathaway (NYSE: BRKA)(NYSE: BRKB), is funding his children's charitable organizations by donating shares of the company he once ran. But the plan is a little different from what it was a few years ago, which may actually be a good outcome from unfortunate events.
For years, Buffett had donated to the Bill Gates Foundation. That is the philanthropic organization created by Bill Gates, the former CEO of Microsoft (NASDAQ: MSFT). However, Bill Gates has been caught up in the Jeffrey Epstein scandal, and Buffett has been distancing himself from the retired technology CEO. That includes stopping Buffett's regular annual donation of Berkshire Hathaway stock.
Image source: The Motley Fool.
Details
Source
Originally published at www.fool.com.