In 2006, Warren Buffett said he would give 85 percent of his Berkshire stock – valued then at over $40 billion – to five foundations, with most of the money going to the Bill & Melinda Gates Foundation.
His reason for partnering with the Gates’ foundation was that they have been enormously successful thus far in scaling up their foundation. They have a proven record, passion, energy and great ideas, and they put a lot of their own money behind it. Also, given the Gates’ ages in 2006 – Bill, 50; Melinda, 41 – effectively gave them a long runway to manage these gifts.
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