Warren, the 94-year-old CEO of investment firm Berkshire Hathaway, is giving his estimated US$150 billion fortune to a charitable trust managed by his three children, the other two being Susie, 71, and Howard, 70, according to the South China Morning Post.
They are responsible for distributing the entirety of their father’s wealth to charities of their choosing within a decade.
Warren said he would retire from leading his Berkshire Hathaway business group by the end of the year and that he would recommend his chosen successor, Greg Abel, to take over, according AFP.
While Warren enjoys widespread admiration, Peter recently sparked controversy over his efforts to gentrify Kingston, New York, according to some critics.
Here are some key facts about Peter.
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Peter Buffet attended a press conference during the 2009 commemoration of the International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade at the United Nations on March 25, 2009 in New York City. Photo by Getty Images via AFP |
Musician and author
At age 19, Peter received a US$90,000 inheritance in stock, sold it, dropped out of Stanford University, and relocated to a San Francisco apartment to pursue a music career, according to National Public Radio.
He began creating music for MTV and commercials before releasing his debut album, “The Waiting”, in 1987. His breakthrough came when he composed the score for the fire dance scene in the Oscar-winning 1990 film “Dances with Wolves.”
Since then he has released a number of albums and won an Emmy Award along the way.
In 2010 he published a book called “Life Is What You Make It.”
Co-founder of the Novo Foundation
In 2006 he and his siblings received $1 billion from his father for philanthropic endeavors.
Peter and his wife, Jennifer, established the NoVo Foundation, focusing on women’s empowerment and combating violence against women.
The foundation also supports the redevelopment of Kingston, a town where Peter lives with his family.
It uses an exclusive currency called Buffet Bucks.
The local radio station, Radio Kingston, on whose board Peter serves, broadcasts news about the foundation. But he has faced accusations of using it for “propaganda.”
The foundation reportedly cut funding to Kingston Wire, a local news outlet, due to “a lack of climate coverage and positive pieces on NoVo.”
Father of 2 adopted daughters
When Peter married his first wife, Mary, he adopted her twin daughters, Erica and Nicole. The couple divorced in 1993.
In 2006 Nicole appeared in the documentary “The One Percent” and said “money is the spoke” in her grandfather’s “wheel of life.”
Following this, Warren Buffett allegedly disowned her in a letter saying, “I have not emotionally or legally adopted you as a grandchild.”
According to Nicole, her sister Erica was also disowned.
