Source of Wealth
The vast bulk of Buffett's wealth consists of his personal holdings in the Berkshire Hathaway Corporation, a conglomerate of which he controls almost 40% directly, and which he has managed personally since the mid-1960s.
Giving away such a large part of his company holding could prove problematic in that much of the business of Berkshire Hathaway consists of stock-issuing insurance companies, such as GEICO and General Re. In the past, many state insurance regulators have had serious concerns about allowing for-profit insurance companies – as opposed to mutual insurance companies – to be ultimately controlled by non-profit entities. In a famous case regarding this, the MacArthur Foundation was forced to divest itself of Bankers Life and Accident.
Read more about this topic: Buffett Foundation
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