Latest news with #PeterBuffett
Economic Times
28-06-2025
- Business
- Economic Times
$6 billion donation: Warren Buffett makes his biggest annual charitable gift
Warren Buffett has made his largest annual donation to date, giving away $6 billion worth of Berkshire Hathaway stock to a mix of philanthropic organizations, including the Bill & Melinda Gates Foundation and four foundations tied to his family. ADVERTISEMENT The donation, disclosed on Friday, was executed through the transfer of approximately 12.36 million Class B shares of Berkshire Hathaway, continuing a long-standing tradition that began nearly two decades ago. The bulk of the shares, over 9.4 million, were directed to the Gates Foundation. Additional allocations included nearly 943,000 shares to the Susan Thompson Buffett Foundation, and 660,000 shares each to three organizations run by his children: the Howard G. Buffett Foundation, the Sherwood Foundation, and the NoVo Foundation. This latest giving round raises Buffett's total charitable contributions over the years to more than $60 billion. Even after this sizable transfer, Buffett retains about 13.8% ownership in Berkshire Hathaway, according to publicly reported data. Prior to the donation, his net worth stood at approximately $152 billion, placing him fifth on Forbes' global billionaire this year's donation exceeding the $5.3 billion he gave in June 2023, Buffett is expected to fall slightly in the a public note accompanying the donation, Buffett reiterated that he has no intention of selling any of his Berkshire shares. ADVERTISEMENT The 94-year-old investor and philanthropist began systematically giving away his wealth in 2006 and made changes to his estate plan last year, allocating 99.5% of his remaining wealth to a charitable trust to be overseen by his children after his passing. His three children—Susie, Howard, and Peter Buffett—will jointly manage the distribution of the trust's assets, with decisions to be made unanimously over the course of a decade. At present, Susie Buffett is 71, Howard Buffett is 70, and Peter Buffett is 67. ADVERTISEMENT The foundations receiving Buffett's donations each focus on distinct social causes. The Susan Thompson Buffett Foundation, named after his late first wife, supports reproductive health initiatives. The Howard G. Buffett Foundation works on global hunger, conflict mitigation, and anti-trafficking Sherwood Foundation emphasizes early childhood education and nonprofit work in Nebraska, while the NoVo Foundation focuses on uplifting marginalized girls, women, and indigenous communities. ADVERTISEMENT Buffett has previously stated that donations to the Gates Foundation will cease upon his death. Meanwhile, Berkshire Hathaway—valued at $1.05 trillion—continues to operate a vast portfolio of companies and public equity holdings, including stakes in Apple, American Express, Geico, and BNSF Railway. Also read: Rs 1 lakh crore selloff tsunami threatens Nifty rally as promoters, strategic investors exit (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
Daily Mail
11-06-2025
- Business
- Daily Mail
Why Warren Buffett cut off glamorous granddaughter after she spoke out about their family's wealth
Nicole Buffett, the adopted granddaughter of billionaire investor Warren Buffett, grew up as part of one of the richest families in America - only to be dramatically disowned by the business magnate. The artist, 49, and her twin sister were both adopted by Buffett's son Peter - a composer for commercials and films - after he married their singer-songwriter mother when they were just four years old. As a child, Nicole spent a lot of time at Buffett's home in Omaha, Nebraska, where she caught her first glimpses of his wealth. She recalled that in one instance around Christmas, when she was only five years old, Buffett, now 94, handed her a fresh $100 bill from his wallet, per Marie Claire. She was also once given a private tour of the See's Candies factory the billionaire owned and was taken twice a year for a family vacation at Buffet's compound in Laguna Beach. Nicole claimed that she and her grandfather - who has a net worth of $153.9 billion - had forged a close bond and she previously reflected on a moment in which he had said he was 'very proud' of her regarding her work as an artist. She recalled it being 'a big deal' for him to 'communicate on such an emotional level.' Nicole, who is now a renowned creative, is now set to speak later this month at the Global Woman Summit 2025 in London to discuss reimagining creativity, legacy and wealth. Previously discussing her journey, the adopted granddaughter said she was ignorant about the scale of Buffett's fortune until she was 17 when she saw him on the cover of Forbes after clinching the top spot in the magazine's list of richest Americans. She said her classmates were shocked and her father told her to be prepared for a lot more press about her grandfather. But the tension between Nicole and Buffet began to rise in 2006 when she appeared in a documentary called The One Percent just a few years after her grandmother Susan's death. During the film, she spoke openly about wealth inequality and her family's large fortune. 'My grandfather is a very private man and I decided to share what it's like to be his granddaughter and it created a huge estrangement from him to the extent that he disowned my twin sister and myself,' she said at the time. However, though Buffett didn't comment on her interview directly, in the immediate aftermath a source close to the family said the billionaire thought Nicole exaggerated their relationship. 'She doesn't seem to mention this history and instead gives the impression that she was born a Buffett,' the source told Reuters at the time. 'Mr Buffett saw the girls very infrequently when his son was married to their mother. 'I don't think he feels ill toward her. She was adopted by his son, he didn't adopt her... I never got the impression they were a big part of his life.' The cracks continued to deepen when Nicole appeared on Oprah and confessed more of her feelings regarding being a Buffett. 'It would be nice to be involved with creating things for others with that money and to be involved in it. I feel completely excluded from it,' she revealed, per Marie Claire. However, her grandfather was less than impressed with her comments. Just over a month after her Oprah interview, Buffett sent Nicole a letter that left her stunned. 'People will react to you based on that "fact" rather than who you are or what you have accomplished,' he wrote. The billionaire declared: 'I have not emotionally or legally adopted you as a grandchild, nor have the rest of my family adopted you as a niece or a cousin.' Nicole was deeply hurt by the letter, adding: 'He signed the letter "Warren." 'I have a card from him just a year earlier that's signed "Grandpa."' Following the sensational dispute, Peter said of the tension: 'I don't have an easy answer for where my father is coming from but I know I can't change the spots on a leopard.' Filmmaker Jamie Johnson - the creator behind the documentary - urged Nicole to sit for a follow-up interview that was added as an emotional postscript to the film. 'To pretend like we don't have a familial relationship is not based in reality. I've spent years of my life at his home in Omaha. I'm shocked and hurt,' Nicole said. Despite spending many holidays with the family as a child and believing she was fully accepted Nicole says the letter was 'devastating.' 'For him to discard me like that was devastating. It permanently divided our family,' she detailed. Despite the estrangement, Warren's late wife Susan included Nicole and her twin sister in her will - leaving her $100,000 and referring to her as an 'adored granddaughter.' Buffett, who famously plans to give away 99 percent of his $153.9 billion fortune to charity, has long emphasized that his children and grandchildren should earn their own way. He paid for Nicole's education, but when she once requested a futon for her apartment, the reply was blunt: 'You know what the rules are: school expenses only.' After the fallout, Nicole said that she struggled financially. She lived on just $40,000 a year, had no cable TV or health insurance, and sold paintings to make ends meet. It wasn't until years later that the two reconnected. During the pandemic, Warren reportedly reached out to Nicole after seeing her success in the NFT art space, per CoinDesk. He praised her work in an email which marked the first warm contact they'd had in over a decade. She has since been recognized by Fortune Magazine as one of the Top 50 Influencers in the NFT space. Still, there is no sign their relationship has fully healed.
South China Morning Post
19-05-2025
- Business
- South China Morning Post
Meet billionaire Warren Buffett's musician son Peter Buffett: the Stanford dropout scored a scene in Dances with Wolves, penned a book – and co-founded the NoVo foundation with his wife
Ninety-four-year-old billionaire Warren Buffett – CEO of Berkshire Hathaway and the sixth richest man in the world – just announced that he is finally stepping down from his company after 55 years. The world famous investor admitted to the Wall Street Journal last week that he's been slowing down in his old age, and has been forgetting names and struggling to be able to read newspapers clearly. 'I didn't really start getting old, for some strange reason, until I was about 90, but when you start getting old, it does become – it's irreversible,' he said. Just last year, the so-called Oracle of Omaha announced that his fortune would go to a charitable trust after his death, which his children – Susie, 71, Howard, 70, and Peter, 67 –will all be in charge of. Advertisement The Buffett siblings have also been tasked with donating the entirety of his fortune – around US$150 billion – to charities of their choice within 10 years. The children of billionaire Warren Buffett: Howard Buffett, Susie Buffett and Peter Buffett, in 2015. Photo: AP Photo And while Buffett senior is almost universally well-loved, his youngest son, Peter, has caused controversy in recent months for his transformation of the town of Kingston in New York, with some accusing him of contributing to gentrification in the area. Here's what we know about Peter Buffett, who just turned 67: He's a musician and author Musician and philanthropist Peter Buffett rehearses his performance at Hyatt Hotel in Sha Tin, Hong Kong, in 2009. Photo: Edward Wong At 19, Peter Buffett got an inheritance of US$90,000 in stock, cashed it in, dropped out of Stanford University and moved into a San Francisco flat to focus on his music career, per NPR. He started by making tunes for MTV and commercial music before releasing his first album, The Waiting, in 1987. He got his big break when he scored the fire dance scene in the Oscar-winning film Dances with Wolves (1990).
Yahoo
14-04-2025
- Business
- Yahoo
Warren Buffett's Son Sold His Berkshire Stock Inheritance To Buy Something 'Infinitely More Valuable' Than The $500 Million It Would Be Worth Today
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Peter Buffett, the son of long-term investing legend Warren Buffett, made a life-changing decision nearly 50 years ago when he traded his inheritance 'to buy time.' Although he missed out on what could have been hundreds of millions of dollars in profit, he stands by his choice, confident that his father would agree. Finding His Path: At 19, Buffett received a portion of the proceeds from the sale of his grandfather's farm, which his father invested in Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B), amounting to $90,000, according to CNBC. His father made it clear that this was all the financial support he would receive for personal use. Despite knowing it was his entire inheritance, the legendary investor's son sold his Berkshire stock to fund his passion for music. Don't Miss: Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Last Chance to get 4,000 of its pre-IPO shares for just $0.26/share! Hasbro, MGM, and Skechers trust this AI marketing firm — invest pre-IPO from $0.55 per share. Buffett dropped out of Stanford University, purchased a modest studio apartment in San Francisco, and invested in upgrading his recording equipment. He dedicated his time to honing his piano and music production skills. His big break came unexpectedly when a neighbor asked him about his profession, setting him on the path to a successful career in music. He told the neighbor that he was a "struggling composer" and the neighbor offered to introduce him to his son-in-law who was an animator looking for ad tunes for a new cable station — it turned out to be MTV. Buffett is now 66 years of age and has released around 15 studio albums over his successful Path Not Taken: If the son of the legendary investor would have stayed in college and held onto his $90,000 investment in Berkshire Hathaway, it would be worth over $500 million today. "But I didn't make that choice and I don't regret it for a second. I used my nest egg to buy something infinitely more valuable than money: I used it to buy time," Buffett said. That's a decision that his father would be proud of, he noted. The billionaire taught his son that work isn't about making as much money as possible, instead it's about doing something that you love to do. Buffett acknowledged that the money was a privilege, calling it a gift that he had not earned. 'Without those hundreds of unpaid hours spent fiddling with my recording gear, I would not have found my sound or approach," Buffett said. The musician used the money to buy time to pursue something that he enjoys waking up and doing each day, which is exactly what his father tells young people to do. The billionaire has previously recommended that people pursue careers they would want even if money was not part of the decision-making process. Read Next: With shares starting at $1.52, this could be your chance to invest in the future of healthcare. 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.26/share with a $1000 minimum. This story is part of a series of features on the subject of success, . Some elements of this story were previously reported by Benzinga and it has been updated. Image created using artificial intelligence via Midjourney. Send To MSN: Send to MSN This article Warren Buffett's Son Sold His Berkshire Stock Inheritance To Buy Something 'Infinitely More Valuable' Than The $500 Million It Would Be Worth Today originally appeared on Sign in to access your portfolio
Yahoo
14-04-2025
- Business
- Yahoo
Warren Buffett's Son Sold His Berkshire Stock Inheritance To Buy Something 'Infinitely More Valuable' Than The $500 Million It Would Be Worth Today
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Peter Buffett, the son of long-term investing legend Warren Buffett, made a life-changing decision nearly 50 years ago when he traded his inheritance 'to buy time.' Although he missed out on what could have been hundreds of millions of dollars in profit, he stands by his choice, confident that his father would agree. Finding His Path: At 19, Buffett received a portion of the proceeds from the sale of his grandfather's farm, which his father invested in Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B), amounting to $90,000, according to CNBC. His father made it clear that this was all the financial support he would receive for personal use. Despite knowing it was his entire inheritance, the legendary investor's son sold his Berkshire stock to fund his passion for music. Don't Miss: Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Last Chance to get 4,000 of its pre-IPO shares for just $0.26/share! Hasbro, MGM, and Skechers trust this AI marketing firm — invest pre-IPO from $0.55 per share. Buffett dropped out of Stanford University, purchased a modest studio apartment in San Francisco, and invested in upgrading his recording equipment. He dedicated his time to honing his piano and music production skills. His big break came unexpectedly when a neighbor asked him about his profession, setting him on the path to a successful career in music. He told the neighbor that he was a "struggling composer" and the neighbor offered to introduce him to his son-in-law who was an animator looking for ad tunes for a new cable station — it turned out to be MTV. Buffett is now 66 years of age and has released around 15 studio albums over his successful Path Not Taken: If the son of the legendary investor would have stayed in college and held onto his $90,000 investment in Berkshire Hathaway, it would be worth over $500 million today. "But I didn't make that choice and I don't regret it for a second. I used my nest egg to buy something infinitely more valuable than money: I used it to buy time," Buffett said. That's a decision that his father would be proud of, he noted. The billionaire taught his son that work isn't about making as much money as possible, instead it's about doing something that you love to do. Buffett acknowledged that the money was a privilege, calling it a gift that he had not earned. 'Without those hundreds of unpaid hours spent fiddling with my recording gear, I would not have found my sound or approach," Buffett said. The musician used the money to buy time to pursue something that he enjoys waking up and doing each day, which is exactly what his father tells young people to do. The billionaire has previously recommended that people pursue careers they would want even if money was not part of the decision-making process. Read Next: With shares starting at $1.52, this could be your chance to invest in the future of healthcare. 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.26/share with a $1000 minimum. This story is part of a series of features on the subject of success, . Some elements of this story were previously reported by Benzinga and it has been updated. Image created using artificial intelligence via Midjourney. Send To MSN: Send to MSN This article Warren Buffett's Son Sold His Berkshire Stock Inheritance To Buy Something 'Infinitely More Valuable' Than The $500 Million It Would Be Worth Today originally appeared on Sign in to access your portfolio
