Warren Buffett, 75, the world's second richest man, is giving the bulk of his $44 billion Berkshire Hathaway fortune to the Bill & Melinda Gates Foundation, which is already worth more than $30 billion. He will become the foundation's third trustee, after Bill and Melinda.
On its current value, $31 billion, it's the biggest philanthropic donatation in history.
Bill and Warren play bridge (Photo by Nati Harnik, AP, from USA Today)
Warren and Bill are great mates, and play bridge and sometimes poker, go golfing, and Gates also joined Buffett on the board of Berkshire Hathaway. For a holiday, in 1995, they took a train across China, to see what was going on there. A couple of times, they've got together to talk to students. Both are famously careful with money, and Buffett drives a 2001 Lincoln with a number plate that reads THRIFTY (photo).
When Bill and Melinda got engaged, they flew to Omaha to buy her ring from one of Warren's companies, and he met them at the airport.
Why give his wealth to the Gates Foundation instead of his own? He told Fortune magazine:
The longer answer is that over the years I had gotten to know Bill and Melinda Gates well, spent a lot of time with them having fun and, way beyond that, had grown to admire what they were doing with their foundation. I've seen them give presentations about its programs, and I'm always amazed at the enthusiasm and passion and energy they're pouring into their work. They've gone at it, you might say, with both head and heart.
Fortune has the cover story and an exclusive interview reprinted at CNN Money.
There's also a story in the Guardian's business section.
