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 OMAHA, Neb. (AP) - Warren Buffett, the world's second-richest man, wowed the world last summer when he announced that he plans to give away most of his $48.4 billion fortune, and now he wants to make sure those donations are spent quickly.
Most of Buffett's shares of his holding company, Berkshire Hathaway Inc., will go to five charitable foundations over time, but the billionaire plans to eventually give all of his shares away.
Buffett said in his annual letter to shareholders Thursday that he stipulated in his will that the proceeds from all Berkshire shares he owns at death must be used for "philanthropic purposes within 10 years after my estate is closed." He estimated his estate should be settled within three years of his death.
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