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Warren Buffett Resigns From Bill Gates Foundation, Donates Another $4.1 Billion

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Warren Buffett - Investors King

Warren Buffett, the billionaire investor behind storied conglomerate Berkshire Hathaway, announced a new $4.1 billion donation to charity Wednesday morning while simultaneously announcing that he’s stepping down as an inactive trustee at the Bill and Melinda Gates Foundation.

KEY FACTS

In a Wednesday morning statement, Buffett said he is giving away $4.1 billion in Berkshire Hathaway stock to the five foundations he’s given to every year since 2006: the Susan Thompson Buffett Foundation, the Sherwood Foundation, the Howard G. Buffett Foundation, the Novo Foundation and the Gates Foundation.

The 90-year-old also announced he would resign as an “inactive” trustee at the Gates Foundation, saying his “physical participation is in no way needed to achieve” the foundation’s goals.

The legendary investor did not mention Bill and Melinda Gates’ high-profile divorce and instead said the move follows his decision to resign from all corporate boards besides that of Berkshire, where he remains chairman and CEO.

Buffett says he now owns 238,624 shares of Berkshire Hathaway—worth about $100 billion—putting him about halfway through his pledge to donate all of the 474,998 shares he owned in June 2006.

CRUCIAL QUOTE

“Today is a milestone for me,” Buffett said Wednesday. “In 2006, I pledged to distribute all of my Berkshire Hathaway shares—more than 99% of my net worth—to philanthropy. With today’s $4.1 billion distribution, I’m halfway there.”

BIG NUMBER

$41 billion. That’s the total value of Buffett’s Berkshire stock donations at the time of giving. Before Wednesday’s donation, which has yet to be reflected on the Securities and Exchange Commission’s website, Forbes pegged the value of Buffett’s fortune at about $105 billion.

TANGENT

Buffett’s not alone in big billionaire donations this month. Last week, MacKenzie Scott, the philanthropist and former spouse of Amazon founder and CEO Jeff Bezos, announced a new round of donations totaling roughly $2.7 billion.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Jeff Bezos Surpasses Elon Musk to Reclaim Title of World’s Richest Man

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Jeff Bezos

Jeff Bezos has once again ascended to the summit of wealth, surpassing Elon Musk to reclaim his title as the world’s richest man.

According to the latest data from the Bloomberg Billionaires Index, Bezos’ net worth stands at $200 billion, edging out Elon Musk’s $198 billion fortune.

Bezos’ resurgence in wealth comes amidst a $23 billion gain in 2024, juxtaposed against Elon Musk’s substantial loss of approximately $31 billion as per the index.

These fluctuations closely mirror the stock market performances of Amazon and Tesla, where both magnates hold significant shares.

Despite recently selling $8.5 billion worth of Amazon shares, Bezos retains his position as the largest shareholder in the e-commerce behemoth, boasting a 9.56 percent stake.

Meanwhile, Musk, with an equity stake of about 20 percent in Tesla, faced setbacks earlier this year when a judge invalidated a pay package valued at up to $55.8 billion.

This shift in the billionaire hierarchy marks a familiar saga of wealth battles among industry titans. Bezos, Musk, and other contenders have engaged in a relentless pursuit of financial supremacy, epitomizing the ever-evolving landscape of global wealth distribution.

As the tides of fortune continue to sway, Bezos’ resurgence signals yet another chapter in the saga of the world’s wealthiest individuals.

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Jeff Bezos Trails Elon Musk in Top 10 Richest People Ranking with $195 Billion

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Jeff Bezos

As of the latest data, the 10 richest people in the world wield extraordinary financial influence, their net worth reflecting the dynamic nature of wealth accumulation and distribution.

Topping the list is Elon Musk, the enigmatic CEO of Tesla and SpaceX, with a total net worth of $200 billion. Despite recent fluctuations, Musk remains a formidable force in technology and innovation, driving advancements in electric vehicles and space exploration.

Following closely behind is Jeff Bezos, the visionary founder of Amazon, whose total net worth stands at $195 billion. Bezos continues to redefine e-commerce and venture into ambitious projects like Blue Origin, aiming to revolutionize space travel.

Bernard Arnault, the French magnate behind LVMH Moët Hennessy Louis Vuitton, occupies the third spot with a net worth of $185 billion. As a titan in the luxury goods industry, Arnault’s empire encompasses iconic brands synonymous with style and opulence.

Mark Zuckerberg, the pioneering mind behind Facebook (now Meta Platforms, Inc.), ranks fourth with a net worth of $165 billion. Despite recent controversies, Zuckerberg remains a central figure in social media and technology, shaping the digital landscape.

Rounding out the top five is Bill Gates, the co-founder of Microsoft, with a net worth of $145 billion. Gates’ philanthropic endeavors through the Bill & Melinda Gates Foundation have made a profound impact on global health and education.

Steve Ballmer, Larry Ellison, Larry Page, Warren Buffett, and Sergey Brin complete the list of the world’s wealthiest individuals, each contributing to diverse industries and sectors with their immense financial resources.

As the global economy continues to evolve, the fortunes of these individuals serve as a testament to the power of innovation, entrepreneurship, and strategic investment in shaping the modern world.

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MacKenzie Scott Sells Off $10.4 Billion Worth of Amazon Shares

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MacKenzie Scott, the former wife of Amazon founder Jeff Bezos, has sold off $10.4 billion worth of Amazon shares, constituting approximately 25% of her stake in the company.

According to a regulatory filing, Scott disposed of 65.3 million shares in Amazon.com Inc. last year, further diminishing her ownership in the tech giant.

Since her divorce from Jeff Bezos in 2019, Scott has emerged as one of the world’s most prominent philanthropists.

Despite having held around 4% of Amazon’s shares post-divorce, her charitable endeavors have significantly reduced her stake over the past few years.

Notably, Amazon remains the primary contributor to her estimated $37.6 billion net worth as reported by the Bloomberg Billionaires Index.

Scott’s remarkable generosity extends far beyond divesting her Amazon holdings.

Over the past year alone, she has donated more than $16.5 billion to a diverse array of charitable organizations, underscoring her commitment to addressing various social issues.

Through her philanthropic efforts, Scott aims to make a tangible difference in the lives of individuals and communities in need.

In 2019, Scott affirmed her dedication to philanthropy by signing the Giving Pledge, a commitment undertaken by billionaires to donate the majority of their wealth to charitable causes.

Her approach to philanthropy reflects a deliberate and thoughtful strategy aimed at maximizing positive impact while advocating for social change.

While Scott remains steadfast in her philanthropic mission, Amazon founder Jeff Bezos, whose net worth stands at $184.1 billion, has yet to formally commit to the Giving Pledge.

However, he has expressed his intention to give away a significant portion of his wealth in the future, echoing Scott’s altruistic endeavors.

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