Warren Buffett is leaving no children, leaving his heirs with the luxury of having a billionaire legacy.
The Berkshire Hathaway chief executive has been with the company for more than 40 years, and while his legacy is vast, he has had only two children.
The former chairman and chief executive of Berkshire Hathaways, Berkshire Hathway, was one of the richest men in the world when he died in New York City on Wednesday.
The announcement came in a letter sent to Buffett’s sons from his wife, Alice.
The letter, which is dated February 27, said the two were going to divide the estate between their sons and each of the other four surviving children.
Buffett’s children are also being allowed to inherit a $2.4 billion lump sum of their father’s money and the assets they have left over from their father.
Buffett, 83, died at his home in Omaha on Wednesday at age 86.
Warren Buffett was born on April 15, 1920, in New Jersey.
He grew up in nearby Newark, where his father was an immigrant and his mother a seamstress.
He attended the prestigious Howard University in Washington, DC, and Harvard Business School.
In 1947, at the age of 21, he joined the stockbroker firm KKR & Co. to work on a deal with General Electric.
In 1950, Buffett joined Berkshire Hathaws, a subsidiary of Berkshire-Penguin Co., and he served as its president and chief operating officer.
His role in the company would be to help create and manage the conglomerate, which had a $7 billion market capitalization at the time.
In 1962, Berkshire bought the company’s newspaper, The Omaha World-Herald, for $2 billion.
Buffett was named chairman and CEO of the company in 1980, becoming the largest shareholder.
He took control in 1991, when he sold his share in the newspaper for a reported $100 million.
By then, Buffett had moved to Omaha to run Berkshire Hathains.
He bought the Omaha Stock Exchange in 1990, where he became the largest investor, and he bought a controlling stake in the Omaha Chamber of Commerce in 2000.
Billionaire Warren Buffett with his wife Alice at the Omaha World Headquarters in Omaha, Nebraska.
It was then that he began to realize that he would never be able to raise the money to build a mansion on his estate, he wrote in his letter.
Buffett decided to sell his stake in KKR in 1991 and his stake of the Omaha newspaper.
When I was a boy, I used to look forward to spending the Christmas holidays with my grandfather at his house on the Omaha side of the river.
But now that we have two grandchildren, I cannot see my grandfather anywhere.
This is not the time to retire, but I have made the difficult decision to sell my stock in KRCB to a third party.
Buffett has sold his entire stake in Berkshire, but the company will retain control of the KRCBs assets and assets held by Berkshire Hathams family.
As part of the sale, Berkshire will also be responsible for the management of the estate, which will continue to be overseen by Berkshire’s two oldest sons, Peter and Jeff.
A spokesman for Buffett said in a statement that the Buffett family had decided to part ways with their father and have no plans to pursue any of his other interests.
Buffett is survived by his wife of more than 20 years, Alice, and two daughters, Kate and Lauren.
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