Warren Buffett confirmed on Friday that he will transfer the majority of his wealth to a new foundation managed by his three children after his death, ending an almost two-decade-long history of donations to the Bill & Melinda Gates Foundation.

The billionaire and CEO of Berkshire Hathaway explained in an interview with the Wall Street Journal that his children, Susie, Howard, and Peter Buffett, will be the trustees of the new foundation. It will receive one of the largest wealth donations of all time upon his death.

Buffett, who will turn 94 in August, announced that he currently owns about 130 billion US dollars in Berkshire stock. He also made it clear that the Gates Foundation will not benefit from his will.

The Gates Foundation will not receive any money after my death," said Buffett in the interview. Over the past two decades, he has donated about 43 billion USD to the foundation, including a donation of 4 billion USD announced on Friday.

Buffett's connection to the Gates Foundation dates back to 2006, when he announced that he would donate annually to this and four family-run charitable organizations. In 2010, he, along with Bill and Melinda Gates, initiated the "Giving Pledge," which calls on billionaires to donate at least half of their wealth to charitable causes.

His donations were structured in such a way that 5 percent of his Berkshire shares would go to the Gates Foundation annually, ensuring that Buffett would never fully divest from the company before he dies.

Buffett also set several conditions for the continuation of the donations, including that either Bill or Melinda Gates remain alive and active in the foundation, and that his donations enable the foundation to spend at least 5 percent of its endowment annually.

Buffett, who had been a trustee of the foundation since 2006, stepped down in 2021. Melinda Gates also stepped down this month.

Mark Suzman, CEO of the Gates Foundation, said that Buffett has played an "immeasurable role in promoting and shaping the work of the foundation to create a world where every person can lead a healthy, productive life.

We are deeply grateful to him for his recent donation and his contributions," he added.

The Gates Foundation, which provided $7.7 billion for projects last year, focuses its support on global health initiatives, agricultural development, and promoting gender equality in Africa and South Asia.

The future foundation, to be led by Buffett's children, will be one of the largest philanthropic organizations in the world at its inception, surpassing the Novo Nordisk Foundation, which had assets of $108 billion in 2022. It will also surpass larger charities such as the Gates Foundation with $75 billion and the Ford Foundation with $16 billion, giving it the capability to fund billions of dollars for projects annually.

Buffett said he has not set specific philanthropic goals for his children. Susie and Howard both serve on the board of Berkshire.

It should be used to help people who have not been as fortunate as we are," Buffett said on Friday. "There are eight billion people in the world, and my children and I are among the luckiest one hundredth of a percent. There are many ways to help people.