Warren Buffett's Son Sold His Inheritance Worth £388M to Chase a Dream—And He Has Zero Regrets

Billionaire investor Warren Buffett's son Peter Buffett, 66, inherited £68,038 ($90,000) from the sale of his grandfather's farm. Peter was 19 at that time. His father decided to invest the amount in Berkshire Hathaway shares and told Peter it was all the financial help he would receive for personal use.

However, Peter decided to sell his entire Berkshire Hathaway stock holding almost half a century ago 'to buy time' for his passion for music. If he had held onto the shares today, they would be worth roughly half a billion dollars. Despite missing out on a fortune of almost £388 million ($500 million), Peter has no regrets at all and is sure that his father would be proud of the life path he chose.

'I didn't make that choice, and I don't regret it for a second. I used my nest egg to buy something infinitely more valuable than money: I used it to buy time,' Peter had said.

Dropping Out of College to Focus on Music Career

Peter's decision to cash in his inheritance was followed by dropping out of Stanford University to buy a San Franciso studio apartment and upgrade his recording equipment. As he was working to improve his piano and music production skills, Peter's first breakthrough arrived when a neighbour enquired about his profession and introduced him to his son-in-law, who was working as an animator and was looking for ad tunes for MTV.

He went from being a 'struggling composer' to releasing almost 15 studio albums over his career and is a regional Emmy Award winner. Peter's father helped him understand early on that he must strive to find work he loves to do and avoid solely focusing on money. The Oracle of Omaha suggested that people should pursue careers they would want even if money were not part of the decision-making process.

Peter knew that the money from Berkshire Hathaway shares was a privilege, describing it as a gift he didn't earn. 'Without those hundreds of unpaid hours spent fiddling with my recording gear, I would not have found my sound or approach,' he said.

Peter's Foundation to Receive Berkshire Hathaway Shares

Warren Buffett, 94, offered a glimpse into his estate plan in late November 2024. According to a Berkshire Hathaway release, Buffett will convert 1,600 Class A shares of the company into 2.4 million Class B shares worth over a billion dollars for donation to four family foundations.

He will donate the 1.5 million Class B shares with fewer voting rights to The Susan Thompson Buffett Foundation, and the remaining 900,000 will be evenly distributed to his kids' foundations. Peter co-chairs the NoVo Foundation with his wife, which works to reduce violence against women.

The Berkshire chair also said that his eldest son, Howard, would become the company's non-executive chairman after he passes away. Howard thinks it would be challenging to assume that role and donate his father's wealth as he wishes. However, he is sure that the siblings would come together and use their skills to overcome any hurdles and take risks to make a difference.

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