Thread

Warren Buffett Steps Down as Berkshire Chairman, Names Son to Replace Him

323 points · 221 comments · saimiam

dugmartin · 1789732295 · focus · HN ↗
I guess Warren’s quote only applies to other people, not him. "It’s like choosing the 2020 Olympic team by picking the eldest sons of the gold-medal winners in the 2000 Olympics." (<a href="https://www.nytimes.com/2001/02/14/us/dozens-of-rich-americans-join-in-fight-to-retain-the-estate-tax.html" rel="nofollow">https://www.nytimes.com/2001/02/14/us/dozens-of-rich-america...)
1. nlitened · 1789734152 · focus · HN ↗
  As I understand, the son is there not to lead the company (Greg Abel is the CEO), but to oversee their family's share in the enterprise.
  1. yuuu · 1789734967 · focus · HN ↗
    I thought he was giving away 99% of his wealth?
    sarjann · 1789735944 · focus · HN ↗
    Probably in a charitable trust that will be managed by the family. With the trust owning the shares.
    nostrademons · 1789744140 · focus · HN ↗
    He was giving it to the Gates Foundation for Bill & Melinda Gates to manage, but that deal went into limbo when Bill showed up in the Epstein files and Melinda divorced him.
    csdreamer7 · 1789744709 · focus · HN ↗
    The money he is giving away is going to foundations managed by his children (last I read).
    nostrademons · 1789745145 · focus · HN ↗
    That's recent, just as of the last couple months. Historically the children's foundations have been a sideshow and he's given the bulk of his wealth away to the Gates Foundation. You can see that from the dollar amounts: this year's gift to the children's foundations was 1M BRK-B shares (the equivalent of about $500M) to each, while he's given away a total of $66B, over 120x as much.

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