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Business Standard
21 hours ago
- Business
- Business Standard
Warren Buffett to donate $6 billion in Berkshire shares to charities
About 9.43 million Class B shares will be given to the Bill & Melinda Gates Foundation Trust, according to a statement on Saturday Bloomberg Warren Buffett will donate about $6 billion of Berkshire Hathaway Inc. shares to five foundations as part of a pledge he made nearly two decades ago. About 9.43 million Class B shares will be given to the Bill & Melinda Gates Foundation Trust, according to a statement on Saturday. Another 2.92 million shares will be donated to his children's foundations — Sherwood Foundation, the Howard G. Buffett Foundation and NoVo Foundation — as well as the Susan Thompson Buffett Foundation, named after the billionaire's late wife. The 94-year-old started the Giving Pledge in 2010 alongside friends Bill Gates and Melinda French Gates with the goal of donating Buffett's fortune either in his lifetime or at his death. Four years earlier, he had started making massive donations to the Gates's foundation, as well as foundations tied to his children. 'The mathematics of the lifetime commitments to the five foundations are interesting,' Buffett said. 'The five foundations have received Berkshire B shares that had a value when received of about $60 billion, substantially more than my entire net worth in 2006.' Buffett earlier this year announced he would step down as chief executive officer of Berkshire Hathaway by the end of 2025, leaving the role to his long-time second-in-command Greg Abel. Buffett said he would not sell a single share of Berkshire Hathaway, but would give them away gradually. Buffett's stake in Berkshire now consists of 198,117 Class A shares and 1,144 Class B shares. 'I have no debts and my remaining A shares are worth about $145 billion, well over 99 per cent of my net worth,' Buffett said. 'My will provides that about 99.5 per cent of my estate is destined for philanthropic usage.'
Time of India
a day ago
- Business
- Time of India
Bill Gates could have been richer than Elon Musk; find out why that didn't happen
Bill Gates could have become the world's first trillionaire if he had held on to his original Microsoft shares , according to a new analysis by Forbes . Together, he and Melinda French Gates might have amassed a combined fortune of around $1.5 trillion, without selling stock or dedicating large portions of their wealth to philanthropy. Tired of too many ads? go ad free now Gates alone could have been worth an estimated $1.2 trillion. Back in 1986, when Microsoft went public, Gates owned 11.2 million shares, roughly 49 percent of the company, worth about $200 million at the time. Adjusted for stock splits, that holding would now be about 3.2 billion shares, or 43 percent of Microsoft, valued at approximately $1.4 trillion. With another $100 billion from dividends after tax, his hypothetical net worth would have set a new global record. Instead, Gates chose a different path. He steadily sold off shares and focused on philanthropy through the Bill & Melinda Gates Foundation . Today, he holds just 0.9 percent of Microsoft, worth around $28 billion. Melinda's current Microsoft stake is valued at about $380,000. This decision reshaped their legacy, from tech billionaires to some of the world's most influential philanthropists. Why Bill Gates donated $60 billion In 2000, according to Dailymotion, Bill and Melinda established the Gates Foundation with initial funding that has grown over the years. Together, they contributed $60.2 billion, directing $47.7 billion toward global health and poverty initiatives. That made them the second-largest philanthropists in US history at that time. Bill's 2010 'Giving Pledge,' co-founded with Warren Buffett, committed him to donate nearly all his wealth to charitable causes. Melinda confirmed that she viewed concentrating wealth as counterproductive, believing in redistributing resources more responsibly, as reported by The Wall Street Journal. Tired of too many ads? go ad free now What stopped Bill Gates from becoming a trillionaire Forbes estimates Bill's current net worth at about $113 billion and Melinda's at $30.4 billion. These figures still placed them among the global elite, though far from the trillion-dollar mark. By comparison, Elon Musk recently topped out with a net worth near $368 billion, according to Bloomberg. Under the hypothetical scenario, Bill would have far eclipsed that peak, marking a wealth level not seen in human history. Melinda, with her estimated stake, would have entered the top three richest individuals worldwide. What stopped Bill Gates from becoming a trillionaire Why Bill Gates is donating nearly all his wealth by 2045 The central shift began when the Gates Foundation turned into more than just a personal project. It became a formal body focused on health, poverty, education, and equity. The couple poured tens of billions into vaccines, infectious disease prevention, agricultural development, and women's empowerment globally. In recent years, they have made major commitments. Bill pledged to donate nearly 99 percent of his remaining wealth over the next two decades. Melinda launched Pivotal Philanthropies and directed $12.5 billion toward gender issues. Bill also confirmed that the Gates Foundation will wind down by 2045, the planned endpoint for most philanthropic ventures.
Mint
29-05-2025
- Business
- Mint
‘Will you exchange your life with Warren Buffett?' Influencer shares unique perspective
Will you exchange your life with Warren Buffett? The instant reaction could be a resounding yes because Buffett's net worth is nearly $157 billion ( ₹ 13.5 lakh crore) as of May 29, per Forbes. However, an Indian influencer has given a unique perspective. Atal Prabhat Poddar, who often shares life lessons and explains various perspectives of life, posted an Instagram Reel on May 29. It instantly grabbed people's attention. 'Warren Buffett is one of the richest people in the world. He can talk to anyone in the world. Even Bill Gates is just a phone call away for him,' the influencer says. 'He has properties all over the world. He can choose what sort of lifestyle he wants to adapt to. But, if I ask you to exchange your life with him, you may obviously say no. The reason is his age,' Poddar continues. 'But, if Warren Buffet had an option, he would probably leave all his wealth and choose to be a younger person. You can choose not to be the richest person in the world as you have the biggest wealth: time. More often than not, we miss to appreciate that,' the influencer adds. 'We should start now. Even if you're 50 or 60, it's enough. You can build a business or do whatever you want to do,' he concludes. 'What an amazing perspective,' reacted one Instagram user. 'One of the most valuable lessons you've ever taught,' wrote another. Another wrote, 'Your words are just made my day…' 'You can also become another Warren Buffett or even more than that,' came from another. In January 2023, in a piece called Would You Trade Places with Warren Buffett?, investment banker Owen Stoneking shared a similar perspective. He wrote that most people wouldn't trade youth for money. Life should focus on collecting 'experience points' (XP), not just saving money, he said. He warned against living on autopilot and working too hard. Meaningful experiences, especially in youth or with family, bring true fulfilment. Memories, not just wealth, are life's real treasure, he added. The interest in 'Warren Buffet' was sky-high on Google India: The interest in 'Warren Buffet' was sky-high on Google India Warren Buffett is one of the world's most successful investors and the chairman of Berkshire Hathaway. The 94-year-old legend made his fortune by investing in businesses he believed were strong and would grow over time. His investments include Coca-Cola, Apple and American Express. He's known for his simple, long-term approach: buy good companies, hold onto them and let them grow. Buffett avoids risky bets and doesn't follow trends. He trusts research and patience. Despite being a billionaire, he lives a modest life and has pledged to give away most of his wealth to charity through the Giving Pledge.
7NEWS
29-05-2025
- Business
- 7NEWS
Gina Rinehart is Australia's richest person for sixth year in a row in 2025 Rich List
Mining magnate and businesswoman Gina Rinehart has topped the Australia Financial Review Rich List for the sixth year in a row, despite a $2 billion drop in wealth now putting her total worth at $38.11 billion. The number of billionaires in Australia has risen to 161, up from 150 in 2024. The Rich List also includes a record 16 billionaires in the elite '10-digit club' with wealth exceeding $10 billion. 'To qualify for the first Rich List in 1983 you needed a net worth of only $10 million,' Rich List editor Yolanda Redrup said. 'Today, the cut-off is a staggering $747 million. 'Making it onto the Rich List has never been harder, which makes the business achievements of this year's 10 debutants even more impressive. 'But, they are far from overnight successes. It took the Dymond family 46 years to build oil and automotive products company Penrite into an industry behemoth and earn themselves a place in the top 200. 'Likewise, brothers Shane and David Young have been building pet shop group Petspiration since 1991. 'Becoming a Rich Lister takes tenacity, hard work and, in many cases, patience.' Canva creators Melanie Perkins and Cliff Obrecht come in at number six on the list. Both aged in their late 30s, they are also the youngest on the list. The couple have also joined the Giving Pledge, committing to giving at least half of their fortune away to philanthropic purposes. Real estate developer Harry Triguboff, who came in at number two, is also the oldest person on the list at the age of 92. Seven West Media chairman Kerry Stokes entered the top 10 at number 10, with a $12.69 billion net worth. NSW has the most people on the Rich List with 81, followed by Victoria with 55, while the ACT, Northern Territory and Tasmania all only boast one person each on the Rich List. Australia's 10 wealthiest people control an eye-watering $202 billion. However, this is down from $222 billion last year, with AFR putting the 9.2 per cent slump on a tough year for iron ore miners such as Rinehart, Clive Palmer and Nicola Forrest. Mining remains the largest sector for wealth creation, with a collective worth of $141.3 billion. This is followed by the property market, worth $125.8 billion. RICH LIST TOP 10 Gina Rinehart: $38.11 billion — Mining Harry Triguboff: $29.65 billion — Property Anthony Pratt and family: $25.85 billion — Manufacturing Scott Farquhar: $21.42 billion — Technology Clive Palmer: $20.12 billion — Mining Melanie Perkins and Cliff Obrecht: $14.14 billion — Technology Michael Dorrell: $13.85 billion — Investment Ivan Glasenberg: $13.3 billion — Mining Nicola Forrest: $12.83 billion — Mining Kerry Stokes: $12.69 billion — Media RICH LISTERS BY STATE NSW — 81 VIC — 55 QLD — 22 WA — 18 ACT — 1 NT — 1 TAS —1
Forbes
28-05-2025
- Business
- Forbes
Forbes Daily: A Major CDC Shift On Covid-19 Vaccines Draws Criticism
No one has donated more to Parkinson's disease research than Google cofounder Sergey Brin, and now he's giving away another $700 million. Brin's recent gift of Alphabet shares was split between three nonprofits, most of which went to his 4-year-old nonprofit Catalyst4. Brin, who is worth an estimated $137 billion and is currently the world's eighth richest person, sees the work as deeply 'personal.' His mother had Parkinson's and he carries a genetic mutation that gives him a much higher chance of getting the disease. His hope is to address both scientific research and eventual treatments for central nervous system diseases, which also include autism and bipolar disorder. The CDC is no longer recommending routine Covid-19 vaccines or boosters for pregnant women and healthy children, a decision that drew criticism as Health and Human Services Secretary Robert F. Kennedy Jr. is a longtime vaccine skeptic. FDA Commissioner Martin Makary, who appeared in the video announcement with Kennedy, had written that pregnancy was a high-risk condition for Covid infections earlier this month. The Giving Pledge announced 11 new signatories in 2025 who have pledged to donate the majority of their wealth to charitable causes during their lifetime or in their wills—the largest cohort since 2021. Six of the new pledgers are members of Forbes' Billionaires' List, and the richest among them is Canva cofounder and chief product officer Cameron Adams, who is worth an estimated $2.9 billion. Satya Patel Homebrew In Forbes' fourth annual Midas Seed list, a global ranking of the top 25 seed stage investors, Silicon Valley veteran Pejman Nozad stayed in the top spot. And a lack of IPOs and acquisitions means a handful of massive private startups are driving changes in the rankings for even those investors focused on the very earliest stage of a startup's lifecycle. MORE: Satya Patel, a partner at the venture firm Homebrew who ranked No. 13 on this year's Midas Seed list, refers to his broad philosophy as a VC as 'bottom up' investing—betting on companies from 'boring' industries like HR or banking, and gussying them up with high-tech software. He's made early bets on companies like IPO-bound digital bank Chime, payroll unicorn Gusto, and Plaid, which was acquired by Visa in 2020 for $5.3 billion. Following in the footsteps of President Donald Trump's crypto strategy, Trump Media and Technology Group, the parent company of Truth Social, is raising $2.5 billion to build a corporate bitcoin reserve. According to an SEC filing, the company will sell $1.5 billion in shares and $1 billion in convertible bonds to institutional investors, the proceeds of which will be used for the reserve—making cryptocurrency a core part of its balance sheet. Elon Musk said he is 'disappointed' with President Donald Trump's 'big, beautiful' bill passed by the House last week, his most direct criticism of a signature White House policy after recently stepping back from his work as the head of DOGE. Musk said the expansive budget bill 'undermines the work that the DOGE team is doing,' as it is expected to add around $3.3 trillion to the federal debt over the next 10 years, according to an estimate published by the nonpartisan Committee for a Responsible Federal Budget. A body of the United Nations released a new report that projects global temperatures will remain near record levels over the next five years, with a strong chance the 2024 annual temperature record will be broken during this period, likely worsening the impact of climate change and increasing the chances of extreme weather events. There is also a 70% chance that the 5-year average temperature for 2025-2029 will be more than 1.5 degrees Celsius above pre-industrial numbers—a key benchmark laid out in the Paris Climate Agreement. As President Donald Trump escalates his attacks on Russian President Vladimir Putin, Trump on Tuesday took credit for preventing 'lots of really bad things' from happening to Russia and said the Russian leader is 'playing with fire.' Trump's criticism comes after Russia launched one of its largest aerial attacks on Ukraine since the start of the war, killing at least 12 people, according to the Associated Press. TRAVEL + LIFESTYLE A string of recent high-profile aviation safety incidents has travelers nervous as summer approaches. A few key ways to reduce risk when flying, experts told Forbes, include avoiding airports with air traffic issues and booking direct flights. Consider your seat and the type of plane you'll be flying in, too—larger airplanes typically have more sophisticated safety systems. General Catalyst CEO Hemant Taneja, No. 8 on Forbes' 2025 Midas List, believes his venture capital firm is going to transform how Americans access health care. Last year, the firm announced its $485 million purchase of Summa Health, an 8,000-employee hospital system based in Akron, Ohio, with the aim of plugging it into Silicon Valley's innovation engine. That means injecting tech and artificial intelligence into almost every step of the health care process, from checkups to insurance. Buying a hospital is jaw-dropping for a VC. Tech investors preach disruption, but they are deeply conservative when it comes to running their own funds. General Catalyst wants to break that mold. Since 2018, it has morphed from a typical VC partnership to a multi-hyphenate investment house: There's the firm's 'creation' fund, which spins up new AI companies aimed at remaking dusty industries like accounting or customer service. Then there's the General Catalyst Institute, a think tank looking to shape technology policy around the world, and GC Wealth, a white-glove broker meant to woo well-heeled founders away from private banks. That makes Taneja, 50, one of the champions of a new class of venture capitalist. 'Mega funds' are the sometimes-sniffy label for General Catalyst and peers like Andreessen Horowitz, Lightspeed and Thrive Capital, Josh Kushner's outfit. Managing tens of billions of dollars, they are still minnows compared to Blackstone ($1 trillion in assets) and KKR ($660 billion), but Taneja's ambition isn't to be the biggest investor. Instead, he wants General Catalyst to be a 'strategic conglomerate.' But perhaps the biggest risk is that General Catalyst is doing too much. 'I get that question a lot,' Taneja says. He says it's a matter of having 'leadership bandwidth' and a good operating model, comparing the company to Amazon, which expanded from books to data centers to grocery stores to moviemaking. WHY IT MATTERS Taneja has his critics, too. General Catalyst's industrial-scale investing barely resembles venture capital, some say. Others snipe, discreetly, about General Catalyst's focus shifting from generating returns from financing startups to 'farming fees' from ever-multiplying funds. But Taneja's supporters are willing to back his bold vision thanks to a near-15-year winning streak. Since moving to Silicon Valley from Boston in 2011, Taneja has backed payment giant Stripe (last valued at $91 billion), defense startup Anduril (in funding talks at a $28 billion valuation) and a string of health care unicorns like Commure (valued at $6 billion). MORE Ranking The World's Top Venture Capitalists In 2025 The Trump Administration paused interviews for new student visa applicants as it weighs expanded social media screening, a potential indication of a wider crackdown on international students: More than 1.1 million: The number of international students enrolled at U.S. colleges and universities in the 2023-24 school year, according to the Institute of International Education $43.8 billion: The amount per year international students contribute to the U.S. economy $100 million: The value of the remaining government contracts with Harvard that the Trump Administration canceled Tuesday Remote work gives employees greater flexibility, but it can also be isolating. To help feel less lonely when working from home, try organizing occasional meetups if your colleagues are nearby, and if not, organize virtual lunches where the discussion isn't about work. It can be easy to blur the lines between personal and professional if your home is also your office, so be sure to dedicate a designated workspace, even if it's just a small corner. Users reported outages for a popular streaming service Tuesday, the latest server disruption for the company. Which streaming platform is it? A. Netflix B. Spotify C. Apple Music D. Hulu Check your answer. Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.
