Warren Buffett says he is stepping up philanthropy in farewell letter
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New Delhi: In his letter to shareholders, billionaire philanthropist Warren Buffett announced that he plans to “go quiet” after stepping down as Chief Executive Officer of Berkshire Hathaway at the end of the year.
The 94-year-old investor also confirmed that he intends to intensify his charitable giving, committing to donate the remaining $149 billion worth of Berkshire stock he continues to hold.
In his final famed annual letter as CEO, Buffett also reflected on business and ageing, saying that "I am at the office five days a week where I work with wonderful people.”
He disclosed that he had converted 1,800 Class A shares, worth about $1.35 billion, into the company’s lower-priced B shares and donated them to four of his family foundations, IANS reported.
“To improve the probability that they will dispose of what will essentially be my entire estate before alternate trustees replace them, I need to step up the pace of lifetime gifts to their three foundations,” he explained.
Buffett had announced earlier this year that Berkshire Hathaway would henceforth be run by Gregory Abel, 63, who has been with the company since 2000.
Buffett mentioned that his optimism for Berkshire Hathaway's future remains bright, adding that he will retain a “significant amount” of Class A shares until shareholders are comfortable with the leadership transition.
Warren Buffett, now retired, is among the top five richest people in the world with $152.1 billion.
The investing legend had earlier this year criticised US tariffs imposed by President Donald Trump, calling them a “big mistake” and warned that trade should never be used as a weapon.
Buffett also said that governments have a natural tendency to gradually devalue currency over time. He called it a “scary” phenomenon and admitted that the US dollar is expected to weaken against foreign currencies in 2025.