June 26, 2006
Warren Buffett ... plans to become a trustee of the Gates Foundation.
Photo: Rocco Fazzari
Warren Buffett, the world's second richest man, plans to give away 85 per cent of his fortune to charities, including one run by Bill Gates, the wealthiest man on the planet, Fortune magazine reported today.
Buffett, 75, pledged in an interview with Fortune to give away 85 per cent of his stock - worth more than $54 billion - in his Berkshire Hathaway investment firm, starting in July.
"I know what I want to do," he was quoted as saying, "and it makes sense to get going."
The shares will go to five foundations. More than 80 per cent will go to the Bill and Melinda Gates Foundation which already has a kitty of nearly $41 billion used to pay for medical research and give educational grants.
Buffett and the Gates are close friends. According to Fortune, Buffett plans to eventually become a trustee of the Gates foundation.
Fortune magazine estimated earlier this year that Buffett has a fortune of about $60 billion. Gates has about $68 billion.
AFP
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