Mega Charity Fund Created

Warren Buffett just hours ago held press conference with Bill Gates and Melinda Gates pledging to donate $37 billion or 85% of his total wealth ($44 billion) to charity. Majority of this charity would go to Bill and Melinda Gates Foundation and the rest to other four foundations.

The philanthropist Buffett in his usual style commented that he is good at managing money efficiently and for charity the Gates Foundation can do a better job. This comes from the man who refused to invest in Tech Companies during the Tech Bubble of late 90's saying that, "I do not understand the business of tech companies; I understand insurance, that is why we have invested in insurance companies." The total fund of Gates foundation is doubled by the pledged charity made by Warren Buffett. The money would be raised by selling of the Berkshire Hathaway shares that Buffett owns. The Oracle of Omaha further stated that selling of shares would not affect Berkshire Hathaway negatively. Infact he believes that selling of shares would increase the liquidity of the company.

Buffet had already made it clear that after his and his wife's death all of his wealth would go to charity. During the press conference one italian reporter asked why doesn't he leave the wealth to his children. Buffet philosophically replied that, "I do not belive in creating dynastic wealth". Later he added that, "I would like my children to only have enough money so that they can do something not so much money that they do nothing."

CNN reporter acclaimed that "What difference would this money make is about to be seen, but it certainly is a lot of money."

Interesting News

A chance to dine with billionaire investor Warren Buffett drew bids as high as $455,100 US yesterday in the first hours of a charity auction run by eBay Inc.